Egypt’s foreign currency reserves inched higher by US$7 billion to record US$16.423 billion dollars at the end of November from US$16.415 billion the previous month, the central bank announced Thursday.
The statistics were released a day after Egypt’s new central bank governor Tarek Amer met President Abdel Fattah al-Sisi and told him that foreign reserves were ‘reassuring’, ‘stable’ and would improve in the coming period.
Egypt’s foreign reserves stood at about $36 billion before the 2011 revolt but have dwindled since the uprising scared off tourists and foreign investors, which represent key sources of foreign exchange.
Bankers had been watching out for a dip in reserves after the central bank pumped additional dollar liquidity into the banking sector in recent weeks to ease a forex crisis.
The values of Egypt’s foreign reserves held by the Central Bank of Egypt during 2015:
|
Month |
Value (US$ Bln) |
|
January |
15.429 |
|
February |
15.456 |
|
March |
15.290 |
|
April |
20.525 |
|
May |
19.559 |
|
June |
20.079 |
|
July |
18.534 |
|
August |
18.096 |
|
September |
16.335 |
|
October |
16.415 |
|
November |
16.423 |
