SHAFAQNA– Egypt’s net foreign reserves rose to 44.46 billion U.S. dollars in September, the Central Bank of Egypt (CBE) announced in a statement.
The country’s net foreign reserves rose to $44.459 billion at the end of September 2018, compared to $44.419 billion at the end of July, the CBE said.
An increase in the country’s foreign reserves was equivalent to a monthly rise of 0.09 percent, but bank did not give details about the source of an increase in the country’s foreign reserves.
The increase in foreign reserves coincides with the rise in the country’s external debt, which reached $92.64 billion at the end of last June, CBE noted
In September 2017, Egypt’s net foreign reserves stood at $36.535 billion.
Egypt has been going through a multi-sectoral nation-wide reform programme in an attempt to revive an economy that battered by political upheaval after the 2011 revolution , and to ease a US dollar shortage that has crippled import activity and hampered recovery since the start of the President Abdel Fattah Al-Sisi’s first tenure in May 2014. The government has been negotiating billions of dollars in aid from various international leaders.
In November 2015, The International Monetary Fund supported Egypt’s economic reform plan by a three-year $12 billion dollar loan, which aimed at reviving the country’s struggling economy, bringing down public debt and controlling inflation while seeking to protect the poor, Middle East Monitor reported.