Egypt’s net foreign reserves rose by $565m to $44.916bn end-July

Last updated: August 6, 2019 10:46 pm

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Stock Board And US Dollar Notes Images At Korea Exchange Bank...U.S. 100 dollar notes are stacked at the Korea Exchange Bank headquarters in Seoul, South Korea, on Monday, Aug. 8, 2011. The dollar dropped to a record low against the Swiss franc and fell for a second day versus the yen after Standard & Poor's downgrade of the U.S. added to concern the fiscal health of the world's biggest economy is slipping. Photographer: SeongJoon Cho/Bloomberg

The Central Bank of Egypt (CBE) revealed on Tuesday that Egypt’s net foreign reserves rose by $565m in the end of July 2019, to record $44.916bn, up from $44.352bn at the end of June 2019.

According to the CBE, Egypt’s current net foreign reserves covers more than 8 months of commodity imports.

Egypt’s Finance Minister, Mohamed Moeit, revealed on Monday that Egypt received the final $2bn tranche of the $12bn IMF loan last week.
Egypt’s foreign exchange reserves before the 2011 revolution amounted to around $36bn before the country entered a period of political and economic turmoil that negatively impacted tourism and foreign investments.

Afterwards, Egypt’s net foreign reserves hit a historic low in October 2016, with only $19bn.
Egypt has adopted an IMF-supported ambitious economic reform programme in November 2016, which included currency flotation, in addition to energy subsidy cuts, and introduction of VAT.