Egypt’s net foreign reserves rose by $128m to reach $45.247bn in October, up from $45.118bn in September 2019, the Central Bank of Egypt (CBE) announced on Wednesday.
It’s the highest foreign exchange reserves in Egypt’s history, covering more than eight months of commodity imports.
The CBE said that the value of foreign currencies included in the net foreign reserves also increased by about $66m in October, to record $41.611bn, compared to $41.545bn at the end of September.
Egypt’s foreign exchange reserves before the 2011 Revolution stood at around $36bn before the country entered a period of political and economic turmoil that negatively impacted tourism and foreign investments.
Afterwards, Egypt’s net foreign reserves hit a historic low in October 2016, with only $19bn.
Later, Egypt has adopted an IMF-supported ambitious economic reform programme in November 2016, which included currency flotation, in addition to energy subsidy cuts, and introduction of VAT.
According to the CBE, the current value of gold reserves rose by about $58m at the end of September to $3.267bn, from $3.209bn in August.
Meanwhile, special drawing rights (SDRs) in reserves increased to $369m in October, compared to $365m in September, while the IMF loans totalled $4m in October.