Egypt’s foreign reserves hit $35.1 billion
Egypt’s net foreign reserves were $35.1 billion at the end of May, up from $34.65 billion a month before, and back above a previous peak in October 2008 after which reserves fell in the wake of the world financial crisis.
The May number carried by the Central Bank of Egypt’s web site confirmed the figure earlier reported by a newspaper. Reserves had previously peaked in October 2008 at $35.03 billion. They slid to as low as $31.19 billion in April 2009 before starting a steady recovery since then.
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