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FINANCIAL NEWS
Egypt’s foreign reserves grow to USD31.126bn
05 Jun 2017
(MENAFN) Foreign reserves in Egypt increased to reach USD31.126bn at the end of May from USD28.641bn at the end of April, supported by last month”s Eurobond sale.
However, the country, which has been struggling to revive its economy since a 2011 uprising, sold USD3bn of Eurobonds in the cited month, twice as much as targeted.
In Nov, Egypt abandoned its currency peg of 8.8 per dollar and floated the pound, which halved in value and it also raised its key interest rates by 300-basis points.
Meanwhile, foreign investors in Egyptian government securities increased to 136bn Egyptian bonds in May from 120bn pounds a week earlier.
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MENAFN0506201700450000ID1095535555
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