Foreign exchange reserves increase during February

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The Central Bank of Egypt (CBE) has announced that foreign exchange reserves increased $27 million at the end of February.

The bank stated that foreign exchange reserves reached $15.456 billion at the end of February 2015, in comparison to $15.429 billion in January of same year.

By the end of last year, Egypt’s foreign exchange reserves marked the biggest loss since July 2013, decreasing by $1,027 billion.

In 2014, CBE returned $2 billion to Qatar after talks to convert the funds into three-year bonds broke down.

However, Egypt received around $8 billion in grants and loans provided by Arab Gulf allies Saudi Arabia, the United Arab Emirates and Kuwait.

The Egyptian government is currently reviewing the final preparations for the international economic summit, scheduled for 13-15 March in the Red Sea resort of Sharm El-Sheikh, with strong participation expected from Egypt’s Arab Gulf allies.

Prime Minister Ibrahim Mahlab said that over 2,000 leading companies and institutions will participate in the conference that would include investors from more than 20 countries, including the United States, Russia, England, France, Germany, Italy, China and Japan.