The Central Bank of Egypt announced today, Monday, that Egypt’s foreign exchange reserves decreased to 35.5 billion dollars at the end of last May, compared to 37.123 billion dollars in April.
The Central Bank of Egypt confirmed in a statement that this decline came against the background of the role entrusted to it to pay the payments related to the foreign debt due during the month of May, which was estimated at about two billion dollars, including the entitlement of coupons for government bonds issued by the Ministry of Finance, in addition to dues to the International Monetary Fund and other obligations.
He stated that these benefits and uses of foreign exchange with the Central come in an expected and usual context.
The Central Bank of Egypt confirmed that the net foreign reserves balance is sufficient, as it covers about 5 months of commodity imports.
