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FinancialNews
08-06-19
Egypt climbs to USD44.28b in forex reserves
(MENAFN) The Central Bank of Egypt (CBE) revealed that the country registered a surge in its foreign exchange (forex) reserves for May 2019, standing at USD44.28 billion.
In a statement, the CBE announced that "Egypt's forex reserves increased by 57 million dollars to reach 44.275 billion dollars at the end of May."
By the end of 2016, Egypt imposed a rough three-year economic reform program aimed at reviving the economy through various plans, including slapping hikes on taxes and reducing energy subsidy.
Egypt was able to seal a USD12 billion loan agreement with the International Monetary Fund (IMF) by liberalizing its pound's exchange rate.
MENAFN0806201900450000ID1098620631
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