CBE says foreign reserves for 7 month imports secured

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Sat, 10 Jun 2017 - 11:30 GMT

BY

Sat, 10 Jun 2017 - 11:30 GMT

Dollar_reserves-_Creative_Commons_Via_Pixabay

Dollar_reserves-_Creative_Commons_Via_Pixabay

CAIRO – 10 June 2017: Egypt’s foreign reserves cover imports for seven months, according to the Central Bank of Egypt (CBE) reports.

The CBE monthly bulletin shows that international reserves hiked $13.6 billion in one year, to reach $31.125 billion at the end of May, compared to $17.5 billion in May 2016.
On a monthly level, the foreign reserves soared $2.48 billion in one month, from $28.64 billion, to record the highest level since 2011.

“The total value of foreign currency deposits also rose from LE 589.9 in February to LE 704.4 billion in January,” according to the CBE.

Foreign reserves are further expected to grow in June when the second tranche of a $12 billion extended fund facility from the International Monetary Fund (IMF) in the amount of $1.25 billion is expected. The first tranche of $2.7 billion was received in November.

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