Egypt’s forex reserves hit $16.455bn in December

Egypt’s net international reserves stood at $16.455 billion in last December, the Central Bank of Egypt (CBE) said on Tuesday.According to the Bank, the current reserve is a slight surge from $16.422 billion in November.


In April, Egypt received deposits worth $6 billion from Saudi Arabia, United Arab Emirates and Kuwait.

Egypt has suffered from a drain in foreign currency reserves as two popular uprisings have toppled two governments since 2011 and impacted foreign investments and tourism, both major sources of foreign currency.