Prime Minister Sherif Ismail on Thursday disclosed that the additional $3bn in foreign exchange reserves at the Central Bank of Egypt (CBE) in September came from two sources.
Ismail explained that Egypt received a $2bn deposit from Saudi Arabia in September, along with $1bn from the World Bank, the first tranche of a $3bn approved loan.
The CBE announced in early October that its foreign exchange reserves in September amounted to $19.59bn, up from from $16.56bn in August—an increase of $3bn.
At the time, the CBE did not explain the significant increase in reserves.
In the same context, the CBE announced on Wednesday that it received a $1bn deposit from Saudi Arabia, which was agreed upon during the recent visit of Saudi King Salman bin Abdulaziz Al Saud to Egypt.
The CBE’s recent announcement comes amid serious concerns about the strained relations between Egypt and Saudi Arabia, which raised questions regarding the timing of the deposit’s arrival.