Cairo - Mubasher: A recent report by the Egyptian Cabinet's Information and Decision Support Center (IDSC) said that foreign exchange reserves increased to $32 billion, its highest level since 2011.

Regarding inquires about the recent rise in fuel prices due to a cut in subsidies, IDSC noted that the target is to cut the budget deficit to 10.8% compared to 12.5% last year.

In June, the data of the Central Bank of Egypt (CBE) showed that the country’s net international reserves grew to $31.125 billion by the end of May, increasing by $2.485 billion from its level in April.

Egypt received $3 billion from the sale of Eurobonds in May, according to the Ministry of Finance (MoF).

The Egyptian finance minister told Mubasher in January that his ministry is considering using all funds collected from international bonds to support the country’s foreign exchange reserve instead of directing it to the general budget deficit.

Foreign purchases of Egyptian debt instruments rose to $9.7 billion in 2017, up from $1 billion in November, the report indicated.