The foreign exchange reserves at the Central Bank of Egypt increased, after Saudi Arabia deposited a sum of 3 billion dollars in the Central Bank of Egypt and extended previous deposits of about 2.3 billion dollars.
According to the "Enterprise" economic bulletin, with the Saudi deposit, the cash reserve will quickly approach its highest level before the pandemic of 45.5 billion dollars.
According to central bank figures, Egypt's foreign exchange reserves, amounted to about 40.8 billion dollars at the end of last September, after declining by about 10 billion dollars during the period from March to May of last year, to reach 36 billion dollars.
The Saudi Ministry of Finance had announced that the Kingdom had deposited $3 billion with the Central Bank of Egypt, and had extended previous deposits of $2.3 billion.
The data released by the Central Bank of Egypt showed that Saudi Arabia had long-term deposits, which amounted, until the end of March, to $5.5 billion.
Source (The New Arab Newspaper, Edited)
