Egypt Forex Reserves at $36b

Egypt’s foreign reserves reached $36.036 billion at the end of July, returning to pre-2011 levels for the first time since the 25th January uprising, the Central Bank of Egypt announced. Foreign net reserves jumped from $31.305 billion at the end of June to hit the $36-billion mark, with international net reserves increasing $4.7 billion in July alone, WAM, the UAE official news agency reported, citing CBE data. The reserves have been climbing since Egypt signed an agreement for a three-year $12 billion loan from the International Monetary Fund. Reserves have increased from $28.641 billion at the end of April to $31.125 billion by the end of May.