Latest in Tag: International reserves Highlight
Latest in Tag: International reserves
Egypt’s FX reserves increased by about $352m to $35.035bn: CBE
Egypt’s international reserves consist of foreign currencies (FX), gold, special drawing rights (SDR), and net IMF loans.
Suez Canal revenues, tourism, exports, foreign investments, and remittances are most important resources for Egypt’s foreign currency reserves
Egypt’s international reserves consist of foreign currencies, gold, special drawing rights (SDR), and net IMF loans. The FX reserves support the local currency, whilst fulfilling the country’s overseas obligations, and guaranteeing Egypt’s imports of basic commodities for several months.
Bank directs $5.4bn to cover local hard currency needs, bridge gap from foreign investment decline
Egypt’s net international reserves continued their relatively stable status, increasing slightly by $87m to reach $42.61bn in March, up from $42.52bn a month earlier, and maintaining imports coverage at eight months worth of imports, according to a research note from Beltone Research. The note specified that such a slight increase is the result of the …
The Central Bank of Egypt has announced on Sunday that Egypt’s international reserves reached $26.363bn in January, marking an increase of almost $2.1bn from December 2016’s value of $24.265bn. Since 2011, Egypt’s foreign currency reserves have been constantly drained at unsustainable rates to prevent currency devaluation. By October 2016, foreign reserves had dropped to $19bn …