Egypt foreign currency inflows up by $1.5 biln to $5.6 bln in Jan: Central bank

Ahram Online , Monday 5 Feb 2018

Foreign reserves hit $38.2 billion by end of January

US Dollars
US Dollars (Photo: Reuters)

Egypt's banking system saw a month-on-month increase in foreign-currency inflows by $1.5 billion to a total of $5.6 billion by end of January, Central Bank of Egypt sub-governor Rami Aboul Naga told MENA agency on Sunday.

The foreign currency inflows resulted in an increase in net foreign reserves to $38.2 billion by end of January, up from $37.02 billion in December and the biggest increase since July 2017, the CBE announced.

Egypt has also paid back $290 million of a $350 million installment to the Paris Club in January, CBE Governor Tarek Amer said, according to Bloomberg.

The jump in foreign reserves comes days before Egypt is set to raise $4-5 billion in Eurobonds, according to Finance Minister Amr El Garhy Sunday.

Egypt's net foreign reserves first hit pre-2011 levels in July 2017, reaching $36.036 billion after a $4.7 billion surge in July alone.

Aboul Naga had said last month Egypt's foreign reserves were sufficient to cover eight-months worth of imports.


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