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Egypt’s foreign reserves up to $44.06 bln by end of February

Ahram Online , Monday 4 Mar 2019
File photo: Central Bank of Egypt's headquarters in Cairo (Photo: Reuters)
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Egypt’s foreign reserves rose by $1.4 billion by the end of February 2019 to reach $44.06 billion, compared to $42.6 billion by the end of January 2019, the Central Bank of Egypt (CBE) said on Monday.

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.

Last December, Egypt’s foreign currency reserves fell to $42.551 billion from $44.513 billion in November in the first drop since a 2016 currency devaluation in November 2016.

Reserves have been climbing since Egypt signed a $12 billion three-year International Monetary Fund loan in November 2016 as part of efforts to attract foreign investors who fled during the 2011 uprising. 

Egypt received in February the fifth installment of the loan, where the total disbursements under the programme reached about $10 billion.

The latest $2 billion loan disbursement will be allocated to reducing the budget deficit and the financing gap, a Central Bank official told state news agency MENA in December.

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