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Egypt’s foreign reserves inch up in March

Egypt’s foreign reserves inch up in March

ArabFinance: Net international reserves inched up by $140 million to $40.34 billion in March, according to recent data by the Central Bank of Egypt (CBE).

In February, foreign reserves grew by $100 million, recording $40.201 billion, compared to $40.101 billion in January.

Yet, Egypt’s foreign reserves are below $45.5 billion pre-covid peak.

Since March 2020, CBE has announced using foreign reserves money to cover the Egyptian market's needs of foreign exchange, the drop in foreign investments and international portfolios due to the precautionary measures taken to confront coronavirus.

 

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