Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt's Foreign Reserves Rise to EGP 40 Billion


Thu 04 Feb 2021 | 12:51 AM
Taarek Refaat

The Central Bank of Egypt (CBE) data showed on Wednesday that foreign exchange reserves rose in January 2021 to the level of EGP 40.1 billion.

It is noteworthy that Egypt's foreign reserves rose by the end of last December to $40.063 billion, compared to $39.222 billion last November, and $39.22 billion in the previous October.

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

The IMF stated that the latest agreement paves the way for presentation to the Fund's Executive Board to obtain its final approval of the agreement and the required financing value, according to a previous statement by the Egyptian Ministry of Finance.