Egypt: Foreign exchange reserves rise to $ 40.7 billion

The Central Bank of Egypt said on Monday that foreign exchange reserves rose to $ 40.672 billion in August from $ 40.609 billion in July, an increase of $ 63 million.

Foreign exchange reserves have increased since June 2020, after falling to around $ 36 billion from more than $ 45.5 billion due to the impact of the Corona virus pandemic.

The stimulus plan launched by the Egyptian government in March last year, with a view to addressing the repercussions of the Corona pandemic, brought the cash reserve down to about 40 billion dollars in the fiscal year 2019/2020, to rise again in the course of the fiscal year 2019/2020. Fiscal year 2020/21 at approximately $ 40.2 billion.

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