The Central Bank of Egypt (CBE) has revealed that Egypt’s net foreign reserves grew by around USD 40 mn to hit USD 45.457 bn by the end of January 2020, Invest-Gate reports.

This is attributed to an increase in the share of gold reserves in the net international reserves, reaching 21.5% or USD 585 mn, according to Al-Arabiya news website.

In December 2019, net foreign reserves rose to USD 45.42 bn, up from USD 45.354 bn a month earlier, CBE noted back then.

Back in September,  Basant Fahmy, a member of the Egyptian parliament’s economic affairs committee, told Ahram Online that “By receiving the last tranche from the International Monetary Fund (IMF), Egypt will not have another major source of foreign reserves. Key sources of foreign reserves for Egypt’s banking system are the tourism and export sectors, as well as, the Suez Canal, but all these sources are suffering and do not provide adequate revenues, especially in foreign currency.”