Egypt's Cabinet: Foreign Reserves hit highest Record in its history

By:  Taarek Refaat

CAIRO, Jan. 19 (SEE)- The Egyptian Cabinet media center stated on Saturday that foreign reserves hit the highest record in its history.

Foreign reserves grew to $42.6 billion by the end of the year 2018, recording its highest estimate.

Since the $15.3 billion of 2014, reserves have been observing continuous growth valued at $16.4 billion in 2015, $24.3 billion in 2016, and $37 billion in 2017.

The media center added that current net International reserves in months of imports were 7.7 by the end of 2018, up from 7.0 in 2017, 4.9 in 2016, 3.4 in 2015, and 3.0 in 2014.

Last October, banks' deposits grew to EGP 3.7 trillion up from EGP 3.3 trillion a year earlier, EGP 2.8 trillion in 2016, EGP 1.9 billion in 2015, and EGP 1.6 trillion in 2014.