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International foreign reserves increase by $99m - Daily News Egypt

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International foreign reserves increase by $99m

Egypt to repay $0.5bn to Qatar in October; it is “ready to repay $2.5bn in November, if requested”, says CBE governor


International Foreign reserves climbed by approximately $99m in August, an increase from $16.73bn in July to $16.83bn, the Central Bank of Egypt (CBE) announced Sunday.

Last week, CBE governor Hisham Ramez said that foreign reserves have maintained their stability during August.

Ramez said that there was “no decrease compared to the previous month”.

At the end of June, foreign reserves stood at $16.678bn. In May, foreign reserves registered $17.28bn and $17.48bn in April.

Foreign reserves in 2013 continuously declined from September until the end of December, with foreign reserves at the end of September 2013 registering $18.7bn, a $0.2bn drop from August numbers.

Reserves fell to $18.59bn in October, $17.76bn in November and $17.05bn in December; reserves subsequently rose to reach $17.105bn in January and $17.3bn in February.

On 26 August, Ramez announced that $0.5bn will be repaid to Qatar at the beginning of October. He added that if the remaining $2.5bn is requested in November, the bank would be “ready to repay them”.

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