Net Foreign Reserves Rise to USD 44.11 bn by End-March

Tuesday, 9th April 2019
by Invest Gate

A man counts Egyptian pounds banknotes at a foreign currency exchange bureau in Cairo, Egypt, on Friday, Aug. 7, 2015. The Suez canal extension and other construction projects have boosted the economy, which grew above 4 percent in the nine months to March for the first time since 2010. Photographer: Shawn Baldwin/Bloomberg

The Central Bank of Egypt (CBE) announced on April 3 that the country’s net foreign reserves rose to USD 44.11 bn by the end of March, compared to USD 44.06 bn in the month-ago period, Invest-Gate reports.

Egypt’s foreign reserves stood at USD 42.61 bn at the end of March 2018.

Since securing a USD 12 bn three-year International Monetary Fund (IMF) loan program in November 2016, Egypt’s foreign reserves have been witnessing an upward trend.

However, the country’s foreign reserves dropped for the first time since the EGP flotation by nearly USD 2 mn by the end of last December, hitting about USD 42.551 bn, compared to roughly USD 44.513 bn by the end of November 2018.