Egypt’s foreign reserves down to 42.551bn in December: CBE

Daily News Egypt
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Egypt’s foreign currency reserves fell to $42.551bn in December, down from a peak of $44.513bn in November, the Central Bank of Egypt announced on Monday.

Net foreign reserves has been on an upward path, since Egypt signed a $12bn, three-year IMF loan in November 2016, and the adoption of the country’s ambitious economic reform programme.

In October Egypt’s net foreign reserves increased by $42m to reach $44.501bn, supported by the increase in remittances, following the flotation of the Egyptian pound in 2016, which led to the rise in remittances from $17bn before the decision, to reach $26.5bn in the fiscal year 2017/18.

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