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Egypt’s net international reserves hit USD16.8b in August

08 Sep 2014

(MENAFN) Egypt’s net international reserves increased for the second successive month, reaching USD16.8 billion in August, compared to USD16.7 billion registered in July, Saudi Gazette reported.

The increase was mainly attributed to the lack of extraordinary financial commitments which could have destabilized the reserves in August. However, this could change when Egypt returns a USD3 billion deposit from Qatar in October and November of this year.

The reserves, which stood at USD36 billion in 2010, have been in decline since January 2011, but an influx of financial aid from the Gulf , mainly Saudi Arabia, Kuwait and the United Arab Emirates, led reserves to jump from USD14.9 billion to USD18.8 billion in July 2013

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