Cairo – Mubasher: The Central Bank of Egypt (CBE) on Wednesday announced that foreign cash reserves rose by $114 million to reach $28.640 billion by the end of April 2017.
Last month, the CBE reported that foreign reserves had increased to $28.526 billion from $26.541 billion in March.
The CBE floated the local Egyptian currency against foreign currencies in November 2016 in an attempt to cancel the foreign currency unofficial market and 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.
