Cairo - Mubasher: Egypt’s net international reserves reached US $16.56 billion by the end of August, according to the Central Bank of Egypt’s (CBE) report issued on Sunday.
The Egyptian foreign exchange reserves decreased 11% in July to $15.5 billion, from $17.5 billion in June.
CBE then attributed the decline to the repayment of a $1.02 billion bonds owed to Qatar, $715 million in debts owed to Paris Club, and another $250 million owed to Libya.
In August, the UAE offered a deposit worth $1 billion to the Central Bank of Egypt, lasting for six years.
Egypt’s foreign currency reserves declined to $15.54 billion by the end of July 2016, compared to roughly $36 billion before January 2011, due to the drop in tourism returns, imports, and money transfers from abroad.
