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FINANCIAL NEWS
Egypt’s foreign reserves grow to USD15.21b in April: CB
07 May 2012
(MENAFN) Egypt’s central bank announced that the country’s foreign reserves rose to USD15.21 billion in April from USD15.12 billion at the end of the previous month, reported Arab News.
The bank attributed the slight rise to a recovery in tourism, slowdown in capital outflows and a drop in imports.
It said that before the uprising started, Egypt’s foreign reserves stood at USD36 billion, however, the amount declined as the bank had to spend heavily to support the country’s pound.
It is worth noting that Egypt is forecasted to ink a long-delayed USD3.2 billion loan from the International Monetary Fund (IMF) in July.
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