FX reserves climbed to $44.029bn end-April 2018: CBE

Hossam Mounir
1 Min Read

Foreign exchange reserves at the Central Bank of Egypt continued to rise in April 2018, reaching $44.029bn from $42.611bn at the end of March 2018, an increase of about $1.418bn.

This marks the highest level of foreign exchange reserves in the history of the Central Bank of Egypt.

The reserves are sufficient to cover over 10 months of imports of basic goods, which exceeds the global minimum of three months.

By the end of April 2018, the CBE had received the proceeds of floating €2bn worth of euro-denominated bonds, the main reason behind the rise.

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