Egypt’s foreign reserves continue to recover, rise to $US40.1007 bn in January: CBE

The Central Bank of Egypt announced, on Wednesday, that its net foreign reserves increased to US$40.1007 billion at the end of January 2021.

Foreign reserves in Egypt witnessed a slight increase compared to December 2020, when they were recorded at US$40.0625 billion.

The report points to a ten-month high for foreign reserves, as prior to the coronavirus pandemic, they were up to around $US45 billion.

The rise is largely attributed to loans acquired by the country, including the IMF’s $2.8 billion rapid financing loan that came in June. 

Edited translation from Al-Masry Al-Youm

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