Egypt’s for­eign re­serves down to 42.551bn in De­cem­ber 2018: CBE

The Daily News Egypt - - Front Page -

Egypt’s for­eign cur­rency re­serves fell to $42.551bn in De­cem­ber, down from a peak of $44.513bn in Novem­ber, the Cen­tral Bank of Egypt (CBE) an­nounced on Mon­day.

Net for­eign re­serves has been on an up­ward path, since Egypt signed a $12bn, three-year IMF loan in Novem­ber 2016, and the adop­tion of the coun­try’s am­bi­tious eco­nomic re­form pro­gramme.

In Oc­to­ber Egypt’s net for­eign re­serves in­creased by $42m to reach $44.501bn, sup­ported by the in­crease in re­mit­tances, fol­low­ing the flota­tion of the Egyp­tian pound in 2016, which led to the rise in re­mit­tances from $17bn be­fore the de­ci­sion, to reach $26.5bn in the fis­cal year 2017/18.

The de­cline came as a re­sult of the bank’s pay­ment of in­ter­ests on trea­sury bills for for­eign in­vestors, debt ex­penses, and state in­sti­tu­tions’ dues for for­eign en­ti­ties.

Net for­eign re­serves have been on an up­ward path, since Egypt signed a $12bn IMF loan in Novem­ber 2016

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