CBE: Egypt’s Foreign Reserves Hit $40.84 Bln in October

On Wednesday, the Central Bank of Egypt (CBE) said that country's net foreign reserves increased by $29 million in October, hitting $40.84 billion, up from $40.82 billion recorded in August.

According to its monthly bulletin, the CBE added that Egyptian expats’ remittances jumped to an unprecedented rate of 13.2 percent in FY 2020/2021 to post $31.4 billion, up from $27.8 billion in FY 2019/2020, according to CBE data.

CBE data also showed that Egyptian expats’ remittances edged up by 29.6 percent from April to June 2021 to reach $8.1 billion, up from $6.2 billion in the same period of 2020.

Moreover, expat remittances rose by an annual rate of 15.5 percent in June to reach $2.9 billion, up from $2.6 billion in June 2020, according to the CBE.

On the other hand, the CBE announced on Wednesday that Egypt repaid $15.8 billion in external debt in FY2020/2021, compared to the $17.2 billion the country repaid by end of June 2020.

This amount includes $11.6 billion in loan installments and $4.1 billion in debt services, according to the CBE.