|06 February, 2020

Egypt’s net foreign reserves increase to $45.456bln January-end: CBE

Foreign exchange reserves at the CBE recorded unprecedented levels in 2019, about $45.419bn

People walk in front of the Central Bank of Egypt's headquarters at downtown Cairo, Egypt, November 3, 2016.

People walk in front of the Central Bank of Egypt's headquarters at downtown Cairo, Egypt, November 3, 2016.

REUTERS/Mohamed Abd El Ghany

Egypt’s net foreign reserves increased to $45.456bn at the end of January 2020, compared to about $45.419bn in December 2019, the Central Bank of Egypt (CBE) said on Thursday.

The January’s div is the highest in the history of Egypt and it covers more than eight months of commodity imports.

Foreign exchange (FX) reserves at the CBE recorded unprecedented levels in 2019,  about $45.419bn, up from $42.61bn at the beginning of the year.

The flotation in November 2016 contributed to the increase in FX reserves, as it stood at about $19.5bn at the end of October 2016.

Egypt’s access to strong cash flows and loans from abroad also contributed to the FX increase, most notably the $12bn loan from the International Monetary Fund.

The FX flows reached about $200bn since the flotation until June 2019, according to CBE Governor Tarek Amer.

© 2020 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.