CBE: Egypt's Foreign Reserves Hit $ 44.96 Bln

The Central Bank of Egypt (CBE) announced that the country's foreign exchange reserves rose by $53 million at the end of July on a monthly basis.

The CBE said in a statement on Wednesday that Egypt's foreign reserves recorded $44.969 billion by the end of August, compared with $44.916 billion at the end of July.

Egypt's foreign reserves stood at about $36 billion before the January 2011 revolution and fell sharply until 2013.

The country's foreign reserves have been tapped due to the depletion of dollar sources, including the flight of foreign direct investment and tourism.

Foreign exchange reserves in Egypt reached $ 44.916 billion in July from $44.355 billion in June of 2019.

Egypt's foreign reserves averaged $ 25.051 billion between 2003-19, reaching an all time high of $44.969 billion in August 2019 and a record low of $13.448 billion in March of 2013.

An official at the Central Bank of Egypt said that the last tranche of Egypt from the International Monetary Fund did not reflect on the net foreign reserves due to the payment of obligations.

The source pointed out that Egypt has paid commitments of about $ 14.7 billion during the fiscal year 2018-19.