The Central Bank of Egypt (CBE) has announced that the country’s net international reserves edged up to USD 39.2 bn by the end of November, marking a slight increase of USD 1.8 mn compared with October figures, Invest-Gate reports.
Last October, Egypt’s net reserves grew for the fifth consecutive month, climbing to USD 39.2 bn from USD 38.4 bn in the previous month, according to recent data released by the central bank.
Reserves have been rebounding since June, after slipping by USD 10 bn between March and May 2020 when the CBE stepped in to cover portfolio outflows, debt repayment, and commodity imports during a global selloff of emerging-market assets in the wake of the Coronavirus shock.
Foreign exchange holdings are expected to surge to USD 43 bn in 12 months, according to Trading Economics (TE). In the long-term, TE expects figures to shoot up to almost USD 45 bn and USD 46 bn in 2021 and 2022, respectively.
This December, Egypt is set to receive the second tranche (worth USD 3.2 bn out of USD 5.2 bn) of the stand-by agreement loan approved by the International Monetary Fund (IMF), after landing the first tranche (USD 2 bn) back in June.
