CAIRO, Aug 5 (Aswat Masriya) - Egypt's net foreign reserves dropped to $18.5337 billion at the end of July, the central bank said on Wednesday, after reaching $20 billion last month.

Egypt's economy has been hit hard by the political turmoil which gripped the country since a popular uprising toppled former President Hosni Mubarak in January 2011. 

The political situation has taken its toll on the foreign reserves, which stood at almost $36 billion before 2011.

Between March and April of this year, Egypt's foreign reserves hiked when it received deposits worth a $6 billion from three oil-rich Gulf nations; Saudi Arabia, the United Arab Emirates and Kuwait.

Already one year into his rule, President Abdel Fattah al-Sisi’s administration has been pouring efforts into attempting to improve the country’s economic condition.

The Sisi presidency is rigorously seeking to attract investments to repair the nation's economy.

The president is celebrating the inauguration of a new canal parallel to the Suez Canal on Thursday, one of the first projects to be completed during his presidency.

On the economic front, Sisi is heavily backed by his allies in the Gulf, who were quick to back and financially support Egypt's interim authorities that took charge immediately after the removal of Muslim Brotherhood politician and former president Mohamed Mursi in July 2013.