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Tuesday, 12 November 2019

Egypt's foreign reserves rise to $44.030 bln at end of April: Central bank

Ahram Online , Thursday 3 May 2018
CBOE
File Photo: The Central Bank of Egypt (Photo: Reuters)
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Egypt’s foreign reserves climbed to $44.030 billion at the end of April, up from $42.611 billion at the end of March, Egypt's central bank said on Thursday.

In late 2016, Egypt started an economic reform programme including floating the local currency, fuel and energy subsidy cuts and tax increases.

The reforms are encouraged by a $12 billion loan from the International Monetary Fund, which has helped reserves climb steadily ever since.

Last summer, the country's foreign reserves reached $36.04 billion, broaching pre-2011 reserve levels for the first time.

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