Egypt’s Foreign Reserves have recorded a remarkable rise of US$ 1.613 billion to reach US$ 16.03 billion by the end of June against US$ 14.4 billion last April, reporting its highest levels since the outbreak of January 25th revolution.
A number of banking experts said the increase was backed by the Egyptian authorities’ settlement with a number of prominent businessmen, notably with Orascom Construction Industries S.A.E. – OCI (OCIC.CA) which worth EGP 7.1 billion as payable tax. Oracsom has already paid to the Government US$ 350 million as the first payment.
Furthermore, the increase was after the Government received a US$ 3 billion aid from Qatar.
It is worth mentioning that in last April, Egypt’s foreign cash reserves also recorded a rise of US$ one billion, representing the second successive growth Egypt witnesses during Hisham Ramez’s rule as the CBE’s Governor, as he hold the office last February.
|
Month |
Value (US$ Bln) |
|
December 2010 |
36.005 |
|
January 2011 |
35.007 |
|
February 2011 |
33.321 |
|
March2011 |
30.106 |
|
April 2011 |
28.024 |
|
May2011 |
27.228 |
|
June2011 |
26.564 |
|
July2011 |
25.706 |
|
August 2011 |
25.008 |
|
September 2011 |
24.009 |
|
October2011 |
22.071 |
|
November 2011 |
20.1 |
|
December 2011 |
18.119 |
|
January 2012 |
16.3 |
|
February 2012 |
15.7 |
|
March 2012 |
15.1 |
|
April 2012 |
15.2 |
|
May2012 |
15.515 |
|
June 2012 |
15.533 |
|
July2012 |
14.442 |
|
August 2012 |
15.127 |
|
September 2012 |
15.042 |
|
October 2012 |
15.483 |
|
November 2012 |
15.035 |
|
December 2012 |
15.014 |
|
January 2013 |
13.613 |
|
February2013 |
13.508 |
|
March 2013 |
13.424 |
|
April 2013 |
14.4264 |
|
May 2013 |
16.039 |
