Egypt’s international reserves down in May

Ahram Online , Monday 6 Jun 2022

Egypt’s net international reserves (NIRs) dropped in May to $35.5 billion, down from $37 billion posted in April, the Central Bank of Egypt (CBE) announced on Monday.

Egypt s Central Bank

The decline was due to the repaying of foreign debts and financial commitments worth about $2 billion in May, according to a statement issued by the CBE.

The statement added that dues to the International Monetary Fund were repaid in May.

The international reserve stock of foreign currency by the end of May is enough to cover commodity imports for five months, the statement read.

The drop comes following a slight increase in NIRs in April.

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