Cairo – Mubasher: Egypt’s international reserves rose $4.731 billion to $36.036 billion in July 2017 from $31.305 billion in June 2017, according to a statement by the Central Bank of Egypt (CBE) on Tuesday.
Net international reserves exceeded their highest level for the first time since December 2010, which was estimated at $36.005 billion.
Egypt's international reserves dropped in 2011 due to the depletion of US dollar resources, mainly due to a decrease in direct foreign investment and tourism.
The CBE posted a 38.2% year-on-year surge in external debt in the first nine months of fiscal year 2016/2017.
External debt reached to $73.88 billion in the period between July 2016 and March 2017 from $53.44 billion in the prior period.
In November 2016, Egypt succeeded in reaching an agreement with the International Monetary Fund (IMF) to obtain a loan of $12 billion, and so far received $4 billion.
The Egyptian government forecast a $102.4 billion increase in external debt by FY20/21.
