The Central Bank of Egypt announced on Monday that foreign reserves rose by US$3.96 billion in July to reach US$18.8 billion dollars.
The extra reserves came from US$5 billion provided by Gulf countries after the Egyptian army removed President Mohamed Morsy on 3 July.
Since the January 2011 revolution that overthrew former President Mubarak, foreign reserves have been declining, with tourism and foreign investment, the major sources of hard currency, weakening considerably.
Edited translation from Al-Masry Al-Youm
