The Central Bank of Egypt (CBE) disclosed net foreign reserves of $42.551 billion at the end of December 2018, down about $2 billion from the previous month, when the cash reserve stood at $44.513 billion in November.
Egypt's foreign reserves have been steadily increasing for almost three years and have declined only twice in July and October 2016, as well as last month (December 2018).
Egypt's foreign debt stood at 92.64 billion dollars at the end of last June, up 17.2 percent year-on-year.
The Egyptian presidency announced at the end of December 2018, that it expects to receive the fifth tranche of $2 billion from the IMF’s loan in January. The International Monetary Fund provided a $12 billion loan program in 2016, when Egypt agreed on a reforms’ package which included the devaluation of the pound, cut energy subsidies and apply VAT.
Source (CNBC Arabic site, Edited)
