Egypt's net international reserves up to $16.9 bn

Egypt's net international reserves (NIR) inched up to $16.9 billion at the end of September, the country's central bank announced on Thursday.

A lack of extraordinary financial commitments had allowed foreign currency reserves at the Central Bank of Egypt (CBE) to climb to $16.8 billion at the end of August, analysts told Ahram Online.

Reserves will be tested when Egypt returns large deposits to Qatar by the end of this year.

Qatar showered Egypt with $7.5 billion in deposits during the presidency of Islamist president Mohamed Morsi – but relations between the two countries have deteriorated since Morsi was ousted in July 2013.