Egypt Independent

Net foreign reserves up to US$44.11 billion: CBE

The Central Bank of Egypt stated on Wednesday that net foreign reserves recorded US$52 million in March, increasing to net US$44.11 billion compared to US$44.06 billion in February.

The CBE pointed out that the foreign reserves recorded US$42.62 billion in January.

Before the January 25 Revolution of 2011, Egypt’s foreign exchange reserves stood at roughly US$36 billion. They fell to nearly US$19 billion until a US$12 billion loan was signed by the International Monetary Fund (IMF) in November 2016.

The flotation of the Egyptian pound and high interest rates helped attract foreign investments for government debts, which reached about US$23 billion at the end of March.

Egypt has expanded foreign borrowing in hard currency over the past months to finance the budget deficit and provide the US dollar on the market in an attempt to control the exchange rate and eliminate the black market.

Edited translation from Al-Masry Al-Youm