Complex Made Simple

Egypt’s foreign reserves fall to lowest level since last March

Country received $6bn in aid, investments and central bank deposits from Saudi Arabia, Kuwait and UAE in April

Egypt’s central bank said on Wednesday that the country’s foreign exchange reserves fell to $18.534 billion at the end of July, compared with $20.08bn at the end of June.

This means, Egypt’s reserves of hard currency fell by $1.546bn last July, the lowest level since March, reports Gulf-based The New Khalij.

In July, Egypt paid back its $670 million debt to the Paris Club of creditor countries, within the framework of regular payments every six months.

In April, Egypt received deposits of $6bn in aid, investments and central bank deposits from Saudi Arabia, Kuwait and the UAE.

The Egyptian government sold ten-year bonds worth $1.5bn last June.

The reserves stood at roughly $36bn before the revolution of January 2011, which overthrew Egyptian President Hosni Mubarak.

Egypt’s public debt now exceeds $255.56m, accounting for 90 per cent of GNP, the largest debt in the history of Egypt until now.

($1 = AED3.67, at the time of publishing)