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FinancialNews
06-04-21
Egypt’s foreign exchange reserves reaches USD40.337B
(MENAFN)To Central Bank of Egypt figures stated that Egypt’s foreign exchange reserves increased for the ninth consecutive month in March, standing at USD40.337 billion.
In March, the country’s reserves rose by USD136 million, increased from USD40.201 billion at the end of February and USD40.101 billion in January.
This sustained increase is regardless of the economic impact of the Coronavirus pandemic in 2020, when Egypt’s foreign exchange reserves dropped about USD9.4 billion amid March and May last year. On May 12, Egypt gained USD2.7 billion from the International Monetary Fund.
The country’s trade balance deficit dropped by about 18.2 percent to USD3.15 billion in January, in comparison with about USD3.85 billion in the same period previous year.
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