Foreign reserves probably rose US$300 million to $400 million in October thanks to loans from Qatar and Turkey, state-run Al-Gomhurriya newspaper reported Monday, quoting an unnamed Central Bank official.
The reserves have fallen by more than half since the January 2011 revolution that scared away tourists and investors, two of the country’s main sources of foreign currency.
Reserves at the end of October will probably be $15.4 billion or $15.5 billion, up from $15.04 billion at the end of September, Al-Gomhurriya said.
Qatar lent Egypt $500 million in October, its second such loan in the last three months, and Turkey lent the country another $500 million. Egypt drew $600 million from reserves to pay for petroleum imports and $100 million to repay foreign loans, the newspaper quoted the official as saying.
