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FINANCIAL NEWS
Egypt foreign reserves improve to USD18.8b in July
06 Aug 2013
(MENAFN) Egypt’s central bank unveiled that its foreign reserves improved to USD18.8 billion in July, their highest level in almost two years, AP reported.
The economists cautioned the jump was a reflection of aid from oil-rich Arab Gulf nations and not the result of an improved economy.
The figure represents a nearly USD4 billion increase, or about 26 percent, from USD14.9 billion at the end of June.
However, they are still roughly half of what they were before the January 2011 uprising that ousted longtime President Hosni Mubarak.
It came after Saudi Arabia, the United Arab Emirates and Kuwait pledged a total of USD12 billion in aid to Egypt’s interim government in the wake of the July 3 coup that took power from Islamist President Mohammed Morsi.
Some USD9 billion of the Gulf aid is a mix of grants and cash deposits, and the remaining USD3 billion is in oil and gas products.
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