Last Update 12:43
Wednesday, 23 October 2019

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)
Views: 2461
Views: 2461

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.

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.