Egypt Independent

Net foreign reserves rise to US$45.247 bn in October



The value of Egypt’s net foreign reserves rose to US$45.247 billion in October from $45.118 billion in September, the Central Bank of Egypt said on Wednesday.

The country’s total foreign debt rose 17.3 percent year-on-year to $108.70 billion at the end of June.

The net foreign reserves in the Central Bank of Egypt at the end of September recorded about $45.118 billion, up by about $149 million from $44.969 billion at the end of August.

Sources described reserve levels as the highest in recent months, confirming that these reserves cover the equivalent of about nine months of imported goods.

The rise in foreign reserves at the Central Bank confirms that sources of foreign exchange resources have improved. These sources include the remittances of Egyptian expatriates, tourism revenues, and the balance of gold reserves within international reserves, the latter especially important following the recent significant rise in gold prices, said Mohamed Abdel Aal, member of the Board of Directors of the Suez Canal Bank and the Arab Sudanese Bank.

Ramy Aboul Naga, Deputy Governor of the Central Bank of Egypt, said that Egypt does not face any problem repaying foreign debts as they are paid on time.

Edited translation from Al-Masry Al-Youm