Egypt’s foreign reserves have increased to USD 38.425 bn at the end of September 2020 from USD 38.366 bn at the end of August, the Central Bank of Egypt (CBE) announced on October 7, according to state-run Al Ahram.

The foreign reserves have witnessed a significant decline since March when it stood at USD45 bn due to coronavirus economic repercussions, Ahram Online reports.

Back in September (CBE) had successfully secured more than EGP 21 bn in investments from the EGP treasury bills (T-bills).

The CBE has offered 266-day and 91-day T-Bills during an official auction, aiming to attract merely EGP 19 bn, with interest rates ranging between 12.9 and 13.6%.

There were 278 bids made for the 266-day term T-Bills, in addition to 222 bids already submitted for the 91-day T-Bills, with total investments reaching over EGP 43 bn.

The CBE has accepted 207 bids for the 266-day T-bills, with total investments of about EGP 15.6 bn, and 140 bids for the 91-day T-bills, with total investments of about EGP 5.9 bn, bringing the total to more than EGP 21 bn.