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.


Rebels evacuate Syria's Eastern Ghouta

Sarkozy says life ‘living hell’ since corruption allegations

Turkey’s largest media group to be sold to Erdogan ally

Hezbollah leader says debt threatens Lebanon disaster

Exiled Syrian doctors treat refugees in Turkey

In world first, flight to Israel crosses Saudi airspace

Saudi, US must pursue 'urgent efforts' for Yemen peace: Mattis

US, Jordan launch new counterterrorism training centre

Two Hamas security force members killed in raid on bomb suspect

Turkey gives watchdog power to block internet broadcasts

EU leaders to condemn Turkey’s ‘illegal’ actions in Mediterranean

Ahed Tamimi reaches plea deal for eight months in jail

UN launching final push to salvage Libya political agreement

Conditions for displaced from Syria's Ghouta 'tragic': UN

Sisi urges Egyptians to vote, denies excluding rivals

Rights Watch says Libya not ready for elections

Saudis revamp school curriculum to combat Muslim Brotherhood

American mother trapped in Syria’s Ghouta calls out Trump

Syria workers say French firm abandoned them to jihadists

Grim Nowruz for Kurds fleeing Afrin

Sarkozy back in custody for second day of questioning

'Saudization' taking its toll on salesmen

Syrian rebels reach evacuation deal in Eastern Ghouta town

Israel confirms it hit suspected Syrian nuclear reactor in 2007

UN says Turkey security measures 'curtail human rights'

Netanyahu says African migrants threaten Jewish majority

US Senate votes on involvement in Yemen war as Saudi prince visits

What a ‘limited strike’ against Syria’s Assad might mean

Erdogan tells US to stop ‘deceiving’, start helping on Syria

IS controls Damascus district in surprise attack

French ex-president held over Libya financing allegations

NGO says Israeli army violating Palestinian minors’ rights

Human rights chief slams Security Council for inaction on Syria

US warns Turkey over civilians caught in Syria assault

Saudi crown prince keen to cement ties with US

Abbas calls US ambassador to Israel 'son of a dog'

Erdogan vows to expand Syria op to other Kurdish-held areas

Kurdish envoy accuses foreign powers of ignoring Turkish war crimes

Morocco authorities vow to close Jerada's abandoned mines

Israeli soldier sees manslaughter sentence slashed

Turkey insists no plans to remain in Afrin

Cairo voters show unwavering support for native son Sisi

Forum in Jordan explores new teaching techniques

Gaza Strip woes receive renewed attention but no fix is expected

Kurds, Syrian opposition condemn Afrin looting