Egypt Reserves May Increase in May, Al Masry Al Youm Says

Egypt’s foreign reserves are expected to increase in May, Al Masry Al Youm reported, citing Planning and International Cooperation Minister Fayza Aboulnaga.

Aboulnaga said the pace at which foreign reserves have been declining has slowed sharply since the uprising that pushed Hosni Mubarak from power last year. The government’s policy of allowing investors to transfer funds out of the country has helped boost confidence even though about $10 billion left the country in the first two months after the uprising.

To contact the reporter on this story: Tarek El-Tablawy in Cairo at teltablawy@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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