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Economy

Egypt’s foreign reserves hit $44 billion last month

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Egypt’s main sources of foreign currency sources are exports, tourism and foreign investments.

Wednesday 06, March 2019 BY KUDAKWASHE MUZORIWA

The Central Bank of Egypt (CBE) said that its foreign reserves rose by $1.4 billion last month, reaching $44.06 billion compared to $42.6 billion in January, reported Middle East Monitor.

The country’s current reserves balance will cover about eight months of Egypt’s imports of goods and services.

Egypt’s reserves dropped to $42.6 billion in December last year from $44.5 billion the previous month, marking the first drop in the country’s foreign reserves since the International Monetary Fund (IMF) three-year $12 billion loan programme was signed in November 2016.

The IMF loan seeks to revive the country’s struggling economy, bringing down public debt and controlling inflation while seeking to protect the poor.

In February, the Government received the loan’s fifth tranche worth $2 billion, bringing the total amount paid to Egypt to $10 billion.

 

 

 

TAGS : IMF, CBE, FX reserves

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