Net Foreign Reserves Hit USD 44.218 bn by End-April: CBE

Monday, 6th May 2019
by Invest Gate

A man counts Egyptian pounds banknotes at a foreign currency exchange bureau in Cairo, Egypt, on Friday, Aug. 7, 2015. The Suez canal extension and other construction projects have boosted the economy, which grew above 4 percent in the nine months to March for the first time since 2010. Photographer: Shawn Baldwin/Bloomberg

The Central Bank of Egypt (CBE) announced on May 5 that the country’s net foreign reserves surged to USD 44.218 bn at end-April, compared to USD 44.030 bn in the prior-year period, Invest-Gate reports.

By the end of last March, foreign reserves stood at USD 44.11 bn, according to a previous official 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.