FX reserves up to USD 31.1 bn

Reserves close-in on pre-2011 levels: The central bank’s foreign reserves increased to USD 31.13 bn at the end of May, from USD 28.64 bn a month earlier, according to the CBE. The central bank had received the USD 3.2 bn raised from the successful eurobond sale before the end of May, and an unnamed official said they would be used to bolster reserves. This is a major milestone, since, as Bloomberg’s Ahmed Feteha notes, the level of reserves is the highest since February 2011 and just USD 5 bn shy of the USD 36 bn peak recorded in December 2010.