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FX reserves continue north, scoring $44.14bn end-May - Daily News Egypt

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FX reserves continue north, scoring $44.14bn end-May

The foreign exchange (FX) reserves balance at the Central Bank of Egypt (CBE) continued to rise during May 2018 to reach $44.14bn, up from $44.03bn at the end of April, rising by $110m. The level of foreign exchange reserves marks the highest ever in the history of the CBE. The level of reserves covers over …


The foreign exchange (FX) reserves balance at the Central Bank of Egypt (CBE) continued to rise during May 2018 to reach $44.14bn, up from $44.03bn at the end of April, rising by $110m.

The level of foreign exchange reserves marks the highest ever in the history of the CBE.

The level of reserves covers over nine months of basic imports, which is more than the global minimum of three months.

The foreign exchange reserves at the CBE increased by $25bn since the flotation of the pound in November 2016 through the end of May 2018, rising from $19bn in October 2016.

Figures obtained by Daily News Egypt indicate the amount of foreign currencies increased in May by $208m, reaching $40.69bn, up from $40.49bn in April.

The value of gold in the FX reserves decreased by $50m to $2.73bn, down from $2.78bn, at the end of April.

Finally, special drawing rights (SDR) at the CBE also decreased by $48m, reaching $694m, down from $742m, while loans from the International Monetary Fund reached $21m.

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