Foreign reserves at highest level in nearly two years
The Central Bank of Egypt announced on Monday that foreign reserves increased by US$3.96 billion in July, bringing the reserves up to a total of US$18.8 billion — the highest level since November 2011.
The boost is thanks to the US$5 billion the Gulf States are funneling into Egypt through loans, aid and petroleum products in the wake of former President Mohamed Morsi’s removal from office by the Armed Forces.
Since the January 25 2011 revolution that toppled former President Hosni Mubarak, ongoing political instability and social unrest have discouraged foreign investors and tourists alike from putting money into the country, driving the foreign reserves down to critical levels.
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