Egyptian Pound: Dollars and Currency Reserves

egyptian pound: This will make our foreign currency reserves jump to 23.5 billion dollars, Amer affirmed, according to Global Times China. The foreign currency reserves at the CBE declined since the 2011 uprising that toppled former president Hosni Mubarak from 36 billion dollars to 19.6 billion dollars as of the end of September 2016. Meanwhile, Governor of the Central Bank of Egypt CBE Tarek Amer told official MENA news agency that Egypt has received Friday an initial 2.75 billion dollars from the IMF. Egypt reached an initial deal with the IMF on a 12 billion dollars loan in August, a move seen by many experts as a necessary step to help the country ailing economy. Earlier this month, the CBE announced the devaluation of the Egyptian pound by 48 percent which would allow the pound to float in the financial market based on supply and demand. Meanwhile, the Washington-based IMF board said in a statement that further disbursements following the immediately released 2.75 billion dollars will depend on the country economic performance and implementation of reforms. The move was meant to limit the hike and shortage of dollar, boost foreign investments and meet a key demand of the IMF to provide Egypt with the loan. (news.financializer.com). As reported in the news.