The Central Bank of Egypt (CBE) has indicated that the country managed to add USD 112 mn to its reserves base in May to close the month at USD 44.274 bn, compared to USD 44.218 bn at end-April, Invest-Gate reports.
By the end of May 2018, the country’s net foreign reserves stood at USD 44.139 bn, CBE announced in an earlier statement.
Egypt’s foreign reserves have been witnessing an upward trend since securing the USD 12 bn three-year International Monetary Fund (IMF) loan program in November 2016.
However, the country’s foreign reserves dropped for the first time since the EGP flotation by nearly USD 2 mn at the end of last December, hitting about USD 42.551 bn, compared to roughly USD 44.513 bn by the end of November 2018.
The country is expecting the final USD 2 bn tranche of the IMF’s extended fund facility this month, after reaching a staff-level agreement in May.