In a short statement on their website, the Central Bank of Egypt (CBE) stated that the reserves rose to $40.468 billion at the end of May, compared to $40.343 billion
Egypt’s foreign exchange reserves continued its upward trajectory for the 12th month in a row, climbing by around $125 million month-on-month (MoM) in May.
In a short statement on their website, the Central Bank of Egypt (CBE) stated that the reserves rose to $40.468 billion at the end of May, compared to $40.343 billion.
According to the data, Egypt's foreign exchange reserves have increased by around $2.292 billion since June 2020, after recording a high of $45.510 billion in February 2020 and falling due to the pandemic.
The foreign exchange reserves are an important indicator of the state of the economy’s foreign transactions, as well as the state’s ability to meet its responsibilities in terms of external debt and its various payments on imports.
Egypt is expecting to receive new financing from the International Monetary Fund (IMF) in the next coming weeks. The funding, worth $1.6 billion, is part of a $5.2 billion SBA package to revive Egypt’s pandemic-hit economy.
The International Monetary Fund expects that the balance of foreign exchange reserves for Egypt will end the current fiscal year 2020/2021, closing at the end of the month, at $40.6 billion.