Egypt’s foreign reserves reach $44B in April for first time in history

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Thu, 03 May 2018 - 12:31 GMT

FILE- Central Bank of Egypt

FILE- Central Bank of Egypt

CAIRO – 3 May 2018: Egypt’s foreign reserves stood at $44.029 billion at the end of April for the first time in history, the Central Bank of Egypt (CBE) announced on Thursday.

The reserves increased by $1.418 billion in April, from March, when reserves stood at $42.611 billion.

Reserves at the Central Bank have been increasing ever since Egypt floated its local currency and clinched a $12 billion loan deal from the International Monetary Fund (IMF) in late 2016.

Egypt is implementing a bold economic reform program that includes cutting subsidies and introducing new taxes in a bid to curb the budget deficit.

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