$52m increase in Egypt’s foreign exchange to hit $44.11bn

The Central Bank of Egypt (CBE) has announced an increase in foreign reserves by $52m by the end of March 2019, reaching $44.11bn, compared to $44.06bn by the end of February 2018.

This level of reserves covers more than eight months of commodity imports in Egypt.

The foreign exchange reserves increased by 14.9% or $5.53bn in 2018 to $42.55bn by the end of December 2018, compared to $37.02bn in 2017.

According to the CBE, foreign currencies’ reserves have increased by $68m, reaching $40.75bn at the end of March, against $40.68bn at the end of February.

Meanwhile, the gold reserves declined by $14m at the end of Match, reaching $2.82bn, compared to $2.84bn in February.

The value of special drawing rights (SDRs) in reserves amounted to $527m at the end of March, compared to $528m at the end of February, while the total value of loans to IMF amounted to $8m.