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Egypt’s foreign reserves near to $35 billion

Source: Reuters.

Egyptian President Abdel Fattah al-Sisi said on Monday, Egypt’s foreign reserves are near to $35 billion.

“How much do you think are central bank reserves? I will not say – who said 35? The answer is that it’s very close to 35 billion … could anyone have imagined 10 months ago that there would be $35 billion,” Sisi said at a press conference on Monday.

The central bank said earlier this month that Egypt’s foreign reserves reached $31.305 as of the end of June.

Reserves have been climbing since Egypt floated the pound currency in November as part of a $12 billion International Monetary Fund lending programme aimed at boosting the economy.

The Egyptian government hopes the three-year IMF loan will put the country on the right track.

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