5 November 2012

Egypt: Nation's Foreign Reserves Up to $15.48 Billion

Foreign exchange reserves rose up to $15.48 billion towards the end of October, compared to $15.04 billion by the end of September, said the Central Bank of Egypt on its website.

Egypt recently received $500 million from Qatar, which represents the first portion of a billion dollars deposit that Doha had pledged to deposit in the Central Bank of Egypt.

The foreign exchange reserves witnessed a boundless decline since the January 25 uprising which toppled former President Hosni Mubarak. The unrest that followed the uprising slowed the economy down and contributed to the drop in reserves.

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