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 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.
