Egypt foreign reserves reaches $31.305 billion in June Pound steady

(MENAFN- Daily News Egypt) Egypt's foreign reserves climbed to $31.305 billion at the end of June from $31.126 billion at the end of May, the central bank said on Wednesday.

Reserves have been climbing since Egypt clinched a $12 billion three-year deal with the International Monetary Fund in November in a bid to lure back foreign investors.

According to data compiled by the Central Bank of Egypt and calculations of Dailynews Egypt, reserves has recorded 29% increase since the beginning of 2017.

On a yearly basis, reserves were up 78.15%, when compared to June 2016.

Egypt roughly had $36 billion in reserves before an uprising in 2011 ushered in a period of political turmoil, scaring away tourists and foreign investors, key sources of hard currency.

The country had attracted $54 billion of foreign currency inflows since the flotation of the pound in November.

The central bank floated the Egyptian pound in November as part of an economic reform programme.

The move helped Egypt clinch a $12 billion, three-year loan from the International Monetary Fund.

Meanwhile, the pound was steady in Wednesday trading against the dollar in most of Egyptian lender.

The dollar was steady at 17.8211 per pound according to CBE official website.

A senior banker told Dailynews Egypt that people queued in long rows Yesterday to replace dollar after it started its downtrend.

The green benchmark lost 20 piasters against the Egyptian pound on Tuesday.

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