GCC aid pushed Egypt foreign reserves to $18.8bn in July

Egypt: The Central Bank of Egypt has said the country’s Net International Reserves (NIR) rose by $3.9bn in July to a total of $18.8bn, Ahram has reported. The rise is the biggest monthly increase of the foreign reserves since the popular uprisings in January 2011 that toppled Hosni Mubarak, when net reserves stood at some $36bn. The foreign reserves, which dropped in June to $14.9bn, have been backed by aid from Saudi Arabia and UAE, which have financed Egypt with $5bn over the last month, as part of a total $12bn pledged by the Gulf states including $4bn offered by Kuwait. [AMEInfo.com]

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