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Egypt’s forex reserves estimated at over $44 bn in July

Foreign exchange reserves in Egypt are estimated at more than $44.916 billion at the end of July 2019, against $44.3518 billion in June, the Central Bank of Egypt (CBE) announced.By Mohamed Fayed


According to the Egyptian financial institution, the reserves cover more than eight months of commodity imports into Egypt.


Finance Minister, Mohamed Mayit, revealed in previous statements that Egypt has received the last tranche of the IMF’s $2 billion loan.


The Executive Board of the International Monetary Fund recently approved the report on the fifth and final review of Egypt’s economic reform programme and disbursed the last tranche of its $2 billion loan.


Egypt had signed an agreement with the IMF in November 2016 to implement an economic reform programme with a loan of $12 billion.


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