Foreign reserves increase $96m in January

Last updated: February 7, 2015 2:50 pm

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FDI has jumped by $3bn in FY 2013/2014 (AFP Photo)

Tariq Hamad, dean of the Business School at Ain Shams University stated that foreign investment within Egypt had dried up over the last two years, pointing out that the country’s foreign currency reserves had also dropped to $13bn (AFP Photo) — Foreign reserves increase $96m in January
(AFP Photo)

Egypt’s foreign reserves registered $15.42bn in January, compared to $15.3bn in December, the Central Bank of Egypt (CBE) announced Thursday.

As for gold reserves, the CBE said that it has reached $2.66bn in January, up from $2.45bn in December.

In November, the international foreign currency stock at the CBE recorded $15.8bn, but it dropped in December due to the repayment of $2.5bn in Qatari deposits in that month, according to Governor of CBE Hisham Ramez.

Egypt also has other debts, including the Paris Club debt, of which $681m was repaid in January, with the CBE expected to repay another instalment next June.