Net foreign reserves at the Central Bank of Egypt (CBE) increased to USD 44.42 bn at the end of August, an increase of USD 104.3 bn versus USD 44.315 bn at the end of July, Invest-Gate reports.

With more than eight months of commodity imports to Egypt, this level of net foreign reserves is deemed the highest on record in the CBE’s history.

“The stabilization of foreign currency reserves in Egypt is a positive thing in light of the emerging market crisis and the exit of foreigners from these markets at the moment,” said Radwa Suweifi, head of research at Pharos Investment Bank, tells state-owned Al-Ahram newspaper.

Foreign investments in the Egyptian government’s debt instruments have reached USD 17.5 bn since the CBE shifted to a liberalized exchange rate regime in November 2016 until the end of June 2018, less than the USD 23.1 bn logged at the end of March 2018.