Egypt’s foreign reserves declined by US$207 million by the end of September, reaching $18.7 billion, the Central Bank of Egypt announced.
Foreign reserves rose by $34 million to reach $18.9 billion by the end of August, compared to $18.8 billion at the end of July.
The reserve has increased by about $3.9 billion since the end of last June and until the end of July.
Chief Executive Officer of Banque du Caire Mounir al-Zahed said the limited decline in reserves was due to paying back a deposit of two billion dollars to Qatar.
Zahed said that the foreign reserves are yet within safe limits, pointing out that the reserves could cover imports between four to five months.
Zahed said that the central bank is providing about $120 million a week through auctions to provide for the needs of banks of the US dollar. Zahed added the foreign reserves are at their best phase since the 2011 revolution.
Edited translation from Al-Masry Al-Youm
