Cairo – Mubasher: Egypt’s net international reserves rose to $31.305 billion at the end of June 2017, a statement by the Central Bank of Egypt (CBE) said on Wednesday.
The CBE had floated the local Egyptian currency against foreign currencies in November 2016 in an attempt to receive a bundle of US dollar-denominated loans from various financial institutions, particularly the International Monetary Fund (IMF).
Egypt’s foreign reserves before the 2011 uprising were $36 billion, but had since dropped due to economic and political unrest.
