Egypt's foreign reserves rise by $705 mln in August

CAIRO – Egypt’s foreign reserves increased by $705 million in August, resuming their rise after having fallen the month before, the central bank said on Sunday.

Net international reserves rose to $15.13 billion at the end of August from $14.42 billion at the end of July, it said on its website.

Egypt’s reserves plunged by more than half during the year after Egypt’s 2011 popular uprising, which scared away tourists and investors, two of Egypt’s main sources of foreign currency, before inching up again in April, May and June.

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