Home
Loading...
You are here:  Home  >  Business  >  Banking  >  Current Article

Foreign reserves fall $200m

  /   1 Comment

International foreign currency reserves record $17.28bn in May, down from $17.48bn in April

Central Bank of Egypt said on Thursday that net international reserves fell by $200m. (AFP photo)

Central Bank of Egypt said on Thursday that net international reserves fell by $200m.
(AFP photo)

Egypt’s net international reserves fell by $200m, registering $17.28bn at the end of May, down from $17.48bn in April, the Central Bank of Egypt (CBE) announced on Thursday.

The slump came after witnessing a minimal surge in April when foreign reserves rose by $0.07bn from March’s $17.41bn.

In efforts to provide banks with foreign currency to meet clients’ import needs of food commodities ahead of Ramadan, the CBE held an “exceptional foreign exchange auction” on 14 May, selling $1bn.

Foreign reserves declined continuously from September until the end of December. At the end of September foreign reserves amounted $18.7bn, a $0.2bn drop from August numbers.  Reserves fell to $18.59bn in October, $17.76bn in November and $17.05bn in December.

The rise of reserves started in January, reaching $17.105bn, and continued through February to register $17.3bn.


You might also like...

The Ministry of Tourism has launched promotional campaigns to encourage trips to Luxor and Aswan in order to boost domestic tourism.
(AFP Photo)

Government encourages Luxor, Aswan trips to promote domestic tourism

Read More →