By: Heba El-Kordy

Cairo – Mubasher: The rise in reserves and asserts of Egyptian banks abroad in July has been ascribed to several reasons mainly the funding obtained from the interbank market especially after the termination of the foreign exchange repatriation mechanism, the Central Bank of Egypt's (CBE) board member Fakhry Elfiky told Mubasher on Wednesday.

In addition, the growth in investing in public debt instruments has significantly contributed to the increase in reserves of Egyptian banks abroad.  

Moreover, rising tourism income, export revenues, remittances of Egyptian expats, and Suez Canal revenues have also helped raise reserves of the country’s banks abroad to $19 billion in July from $16 billion in June.

Foreign holdings of Egyptian debt instruments recorded $20.1 billion at the end of July, Elfiky previously told Mubasher.

The North African nation’s international reserves rose by $565 million month-on-month to $44.916 billion in July, compared to $44.351 billion in the previous month.