First Published: 2017-08-01

Egypt foreign reserves at highest since 2011 uprising
Egypt has pursued drastic reforms aimed at reviving its economy after 2011 revolution and instability scared off tourists, investors.
Middle East Online

Egyptian worker sits on boxes of imported Chinese goods in Cairo, Egypt

CAIRO - Egypt's foreign exchange reserves are at their highest since the 2011 uprising, the central bank said on Tuesday, as the country pursues drastic reforms aimed at reviving its economy.

The 2011 revolution that toppled longtime president Hosni Mubarak and the subsequent political instability scared off tourists and investors, devastating the North African country's economy.

"At the end of July 2017, the central bank's reserves reached $36.036 billion," the bank said in a statement.

The reserves last stood at just above $36 billion in December 2010, before they dropped by almost two-thirds to $13.5 billion by February 2013.

In November last year, Egypt obtained a $12-billion loan from the International Monetary Fund in exchange for tough economic reforms.

Cairo has since devalued the pound, slashed government subsidies and introduced a value-added tax in a bid to boost government finances and foreign reserves.

The austerity measures have, however, also fuelled inflation.

 

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