Foreign Reserves To Rise On Better Economy

Egypt’s prime minister said he expects net international reserves to climb in coming months on the back of rebounding economic activity and tourism.

Kamal El Ganzouri said the gains reflect improved security in the country. Revenue from the Suez Canal will also increase, he said in an interview today after a Cabinet meeting.

Egypt’s net international reserves climbed by about $100 million in April to $15.2 billion, the first increase since ousting Hosni Mubarak last year. Reserves remain more than 50 percent below levels at the end of December 2010, Bloomberg reported.