CBE: Foreign Reserve Increase to $40.46 Bln

The Central Bank of Egypt (CBE) announced that net foreign reserves increased by $116 million at the end of June.

CBE stated, in a statement on Tuesday, that the net foreign exchange reserves recorded $40.58 billion at the end of June, compared to $40.46 billion at the end of May.

The Board of Directors of the International Monetary Fund (IMF) had agreed to disburse the last tranche of the credit preparedness program, estimated at $1.7 billion, out of the total program amount of $5.4 billion.

In 2020, Egypt received $2.7 billion from the IMF, which represents the value of rapid credit financing granted to the Egyptian government.