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Friday, 19 April 2019

Egypt's Foreign currency reserve hit $44.616 bln in January: CBE

MENA , Ahram Online , Tuesday 5 Feb 2019
Egypt
(Photo: Reuters)
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The Central Bank of Egypt has announced an increase in the foreign currency reserves by around $66 million to reach $42.616 billion by the end of January compared to $42.550 billion in December.

Egypt’s foreign currency reserves rose to $42.6 billion by the end of 2018, the highest level in years, the cabinet media centre reported.

Egypt’s foreign currency reserves have been witnessing continuous increases since 2014; registering $37 billion in 2017, $24.3 billion in 2016, $16.4 billion in 2015, and $15.3 billion in 2014.

The current foreign currency reserves could cover imports for 7.7 months by the end of 2018, up from 7 months in 2017, 4.9 months in 2016, 3.4 months in 2015, and 3 months in 2014, the cabinet added.

Deposits in banks increased to EGP 3.7 trillion by the end of October 2018, up from EGP 3.3 trillion by the end of 2017, EGP 2.8 trillion by the end of 2016, EGP 1.9 billion in 2015, and EGP 1.6 trillion in 2014.

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