A timely contribution: Egypt's reserves to rise $20 billion thanks to Gulf aid

Published April 27th, 2015 - 07:09 GMT
Al Bawaba
Al Bawaba

Egypt's foreign reserves are expected to rise to over $20 billion after the recent Gulf deposits, the governor of Egypt's central bank said on Monday.

On Wednesday, Egypt received deposits worth a total of $6 billion from three Gulf nations, Saudi Arabia, the United Arab Emirates and Kuwait.

Egypt's net foreign reserves at the end of March were $15.291 billion.

Subsequently, foreign reserves for the month of April are due to exceed $20 billion, Hisham Ramez, the governor of the central bank told state agency MENA.  

The three oil-rich Gulf countries were quick to back and financially support Egypt's interim authorities, which took charge after the ouster of Muslim Brotherhood politician and former president Mohamed Mursi in 2013. 

Egypt's economy has been hit hard by the political turmoil which gripped the country since a popular uprising toppled former President Hosni Mubarak in January 2011. 

The political situation has taken its toll on the foreign reserves, which stood at almost $36 billion before 2011.

During a major economic conference Egypt hosted in March, $12.5 billion in assistance and investments were pledged by Gulf states of Saudi Arabia, Kuwait, the United Arab Emirates and Oman. 

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