CBE: Egypt's Foreign Reserves Increase to $39.221 Bln

Egypt's foreign exchange reserves increased marginally by the end of November 2020 to reach $39.221 billion, according to data from the Central Bank of Egypt (CBE).

The balance of foreign reserves increased by $199 million in November, compared to $ 39.22 billion last October, and $38.425 billion in September.

On May 12, Egypt received $2.7 billion from the International Monetary Fund (IMF), which represents the value of the rapid credit financing granted to the Egyptian government.

Egypt and the IMF team reached an expert-level agreement on a credit agreement for a period of 12 months, at a value of $5.2 billion.

Mohamed Maait, Minister of Finance said earlier last week that Egypt will receive $1.6 billion from the International Monetary Fund (IMF) by the end of this month as part of a 12-month Stand-by Arrangement (SBA), with total access of about $5.2 billion.

Maait added during the activities of the Egypt Economic Summit 2020 (EES) that Egypt will receive the rest of the SBA, amounting to $3.2 billion over two reviews, $1.6 billion each.