World Economy

Egypt Forex Reserves: $17b

Egypt Forex Reserves: $17bEgypt Forex Reserves: $17b

Egypt’s net foreign reserves reached $17 billion at the end of April, which marks an increase by $449 million, the central bank said, Albawaba reported. The central bank’s reserves are made up of foreign currency, in addition to gold. The foreign currency reserves increased by $408 million in April compared to March while the value of the gold increased by $33 million. Egypt has been witnessing a foreign currency crisis due to pressures on its reserves as a result of a weakening tourism sector in addition to the decline in Suez Canal revenues. Egypt’s foreign reserves reached $16.5 billion by the end of March, still less than half of the foreign reserves the country had before the 2011 Uprising when they were almost $36 billion. On Mar. 14, the central bank devalued the Egyptian pound currency by 14.5% against the US dollar. Two days later, it raised the Egyptian pound by 7 piasters, to reach EGP 8.78 against the dollar.