• 00:24
  • Monday ,08 December 2014
العربية

Egypt's net international reserves down to $15.9 bn

By-Ahram

Home News

00:12

Monday ,08 December 2014

Egypt's net international reserves down to $15.9 bn

Egypt's net international reserves (NIR) inched down to $15.882 billion at the end of November from $16.909 billion a month earlier, the country's central bank announced on Sunday.

Egypt received a $1 billion grant from Kuwait in November, Finance Minister Hany Qadry Demian announced at the time.
 
Egypt already returned $2.5 billion in deposits to Qatar in November, leaving $500 million outstanding, a central bank official told Reuters at the end of the same month.
 
The Qatari deposits helped support the central bank's reserves during the rule of president Mohamed Morsi of the Muslim Brotherhood.
 
However, relations with Qatar deteriorated after Morsi's ouster in July 2013, as other Gulf states stepped up to back Egypt's new regime, headed by former military strongman Abdel-Fattah El-Sisi.
 
Saudi Arabia, Kuwait and the UAE have since showered Egypt with a total of $10.6 billion in aid and grants, most of which has come in the form of petroleum products, with cash received amounting to almost $3 billion, said Demian.