Egypt announces $2 billion deal to bolster reserves as Lagarde set to recommend IMF aid

The Central Bank of Egypt. Image: Muhammad Mansour
Muhammad Mansour

Egypt's central bank announced today (November 10) it has secured $2 billion of funding from a consortium of international banks, soon after the head of the International Monetary Fund recommended giving the country a $12 billion loan.

The deal will bolster Egypt's foreign exchange (forex) reserves, which the central bank announced last month were $19 billion. In 2011, before the political unrest that led to the toppling of two governments, Egypt's forex reserves stood at $36 billion.


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