Foreign reserves hit record high of $38.21bn at end-January 2018

Hossam Mounir
2 Min Read

Foreign exchange reserves at the Central Bank of Egypt (CBE) recorded a new record high at the end of January 2018, reaching $38.209bn compared to $37.019bn at the end of December 2017—an increase of $1.190bn.

According to a report obtained by Daily News Egypt, foreign currencies at the CBE rose by $1.036 at the end of January 2018 to reach $34.611bn, versus $33.575bn in December.

The value of gold included in the reserves rose by about $135m to record $2.808bn in January, versus $2.673bn in December.

The value of special drawing rights (SDRs) listed in the reserves amounted to $769m, compared to $749m, while the International Monetary Fund’s (IMF) loan registered $24m, unchanged from December.

Last month’s increase in foreign exchange reserves came despite the fact that the CBE has repaid around $700m as an installment to the Paris Club. Egypt repays the installments of its debt to the Paris Club twice a year, in January and July.

Egypt’s foreign exchange reserves have increased by more than $19bn since the CBE’s decision to float the local currency in November 2016.

The CBE’s current level of foreign reserves is sufficient to cover commodities imports for eight months, exceeding the minimum three-month global level.

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