CBE: Net foreign reserves reach USD17.52bn at end-May
Egypt's net foreign reserves rose to USD17.52bn at end-May, compared with USD17.011bn recorded at end-April, according to the Central Bank of Egypt (CBE). Only the headline number was released on the website, while breakdowns are not out yet. The increase has been likely driven by the first USD500mn installment of the USD2.5bn Saudi grant, which might have been received in the last few days of the month, as suggested by Minister of International Cooperation, Sahar Nasr. (Reuters, CBE, Mohamed Abu Basha)
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