Egypt’s foreign reserves surge to $36.1 in August: CBE

Egypt’s foreign reserves increased to $US 36.143 billion in August from $US 36.036 in July, surpassing, for first time, pre-January 25 revolution rates which amounted $US 36.005 in December 2010 and $US 36.143 in January 2011.

The Central Bank of Egypt (CBE)’s statement Wednesday revealed that the external debts surged to $US 73.888 in March 2017, from $US 53.444 in March 2016.

The Egyptian government imposed value added tax (VAT), devaluated local currency, cut electricity subsidies and oil products within its economic reformation plan to recover the Egyptian economy and reduce imports of non essential commodities.

The country’s foreign reserves rose by $US180 million in June, an increase equal to 0.57 percent of Egypt’s total foreign reserves, The Central Bank of Egypt (CBE) announced in July.

The net foreign currency reserves stood at $31.305 billion in June, according to the CBE’s statement

Previously, the country’s foreign reserves rose to $31.125 billion at the end of May from $28.641 billion in April — an increase of about $2.5 billion.

Edited Translation from Al-Masry Al-Youm

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