The Central Bank of Egypt (CBE) said on Wednesday that hard currency reserve with the bank hit 18.5 billion dollars at the end of July compared to 20.08 billion dollars at the end of May.

In statements to MENA, bankers and economists said that the decline in the reserve in July is attributed to paying back Paris Club debt installment at a value of 700 million dollars in addition to 500 million dollars more that were paid back to oil companies.