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Egypt foreign reserves jump to USD 18.8 bn in July - ASHARQ AL-AWSAT English Archive
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File photograph of US dollar bills.

File photo of US dollar bills.

Cairo, AP—Egypt’s central bank says the country’s foreign reserves stood at USD 18.8 billion at the end of July, a jump of nearly USD 4 billion from the previous month.

The bank did not provide details on the influx of cash, but the sharp rise comes after oil-rich Arab Gulf countries pledged billions of dollars in aid to Egypt’s interim government in the wake of the military coup that ousted Islamist president Mohammed Mursi in early July.

According to figures released Monday on the central bank’s website, the reserves are at the highest point since November 2011. The reserves plunged over the past two years as political turmoil scared away tourists and foreign investors.

Egypt’s foreign reserves are needed to pay for vital imports and used to keep the local currency afloat.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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