Egypt’s forex reserves hit 9-month high

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Cairo

Egypt’s net foreign reserves rose to $40 billion in December 2020, the largest since the outbreak of the coronavirus disease pandemic, according to figures issued by the country’s central bank.
Foreign reserves had dropped since March from a previous high of more than $45 billion. The Central Bank of Egypt said on its website that the new reserves amounted to $40.62 billion, compared to $39.221 billion in November 2020. Informal reserves also increased in December by $1.2 billion to $11.04 billion, the highest since March 2020.
The central bank said that foreign currency balances rose to $35.399 billion at the end of December compared to $35.035 billion at the end of November, while gold balances increased to $4.39 billion compared to $4.082 billion, and special drawing rights rose to $279 million in comparison to November’s $110 million.
This is the highest level of official reserves in nine months, and the seventh increase in the reserves in a row.—AN

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