The Central Bank of Egypt (CBE) announced that the net international reserves reached $35.495bn in May 2022, down from $37.123bn in April 2022, a decrease of $1.63bn.
In a statement on Monday, the CBE said that net international reserves are sufficient to cover about five months of commodity imports.
Egypt’s international reserves consist of foreign exchange (FX), gold, special drawing rights (SDRs), and net loans from the International Monetary Fund (IMF).
The CBE said that the value of gold included in the reserves decreased to $7.398bn in May, compared to $7.597bn in April.
This comes as the volume of foreign exchange reserves also declined to $28.015bn in May, compared to $29.334bn in April.
Moreover, SDRs decreased to $51m in May, from $198m in April.
The CBE announced that the debts due in May 2022 were fully paid. They were estimated at $2bn, and included the government bonds issued by the Ministry of Finance, in addition to dues to the International Monetary Fund (IMF) and others.
