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Egypt’s foreign reserves lose $1.76bn in September - Daily News Egypt

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Egypt’s foreign reserves lose $1.76bn in September

International reserves record lowest level in 1.5 years

Egypt’s foreign reserves decreased by $1.76bn of their value in September, reaching $16.334bn, compared to $18.096bn in August, the Central Bank of Egypt (CBE) announced on Wednesday.

The decline is the third consecutively in foreign currency levels, as the international reserves went down from $20.08bn in June to $18.5 in July, then to $18.096 in August, to record their lowest level in September.

International foreign reserves have recorded their highest level this year in April, when they registered $20.525bn, according to the CBE.

The current foreign reserves cover Egypt’s commodity imports for 3.3 months.

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