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The rise of foreign reserves in Egypt

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The rise of foreign reserves in Egypt Empty The rise of foreign reserves in Egypt

Post by RamblerNash on Sun May 05, 2019 10:36 pm

The rise of foreign reserves in Egypt

The rise of foreign reserves in Egypt Image

05-05-2019 09:31 PM

BAGHDAD (Reuters) -

Egypt's net foreign reserves rose by more than $ 44 billion by the end of April, the central bank said in a statement on Sunday.

The bank said in its statement that reserves amounted to $ 44.218 billion at the end of that month, up from $ 44.11 billion at the end of March, according to "Reuters."

Egypt's foreign reserves stood at $ 44.030 billion at the end of April 2018.

These increases came after Cairo liberalized the exchange rate of the Egyptian pound in November 2016 as part of economic reforms linked to a $ 12 billion loan from the International Monetary Fund.

The International Monetary Fund (IMF) has praised the progress made in reforms related to the Egypt loan program, noting that the strong implementation of the program and overall positive performance have played an active role in achieving macroeconomic stability.

http://www.ikhnews.com/index.php?page=article&id=190911
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