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FinancialNews
08-01-19
Egypt down 4.4 percent in foreign currency reserves
(MENAFN) Egypt was revealed to have reached USD42.5 billion in its foreign currency reserves last month, recording a 4.4 percent decline from the previous month.
Central Bank of Egypt (CBE) unveiled the figures in a statement while comparing them to November 2018 results, as foreign currency reserves hit USD44.5 billion in that period.
The decline, according to CBE, is driven by the Egyptian government's payment of loan interest and treasury bills to international investors.
Egypt's foreign exchange reserves maintained a severe decrease to stand at USD13.5 billion in February 2013 compared to USD36 billion in January 2011.
MENAFN0801201900450000ID1097939893
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