Egypt’s Net Foreign Reserves Rise to $19.591 Bln at End-Sept: Central Bank

CAIRO (Reuters) – Egypt’s net foreign reserves rose to $19.591 billion at the end of September, up from $16.564 billion at the end of the previous month, the central bank said on Monday.

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

The International Monetary Fund last month agreed in principle to grant Egypt a $12 billion three-year facility to support a government reform programme aimed at reducing a budget deficit. Board-level approval depends on the government’s securing $5 billion to $6 billion in bilateral financing for the first year.

(Reporting by Lin Noueihed, editing by Larry King)

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