The Central Bank of Egypt (CBE) disclosed that foreign exchange reserves rose to 44.258 billion dollars at the end of June from 44.139 billion dollars in May and this to be considered the highest level of Egypt's hard currency reserves since the start of reserve data recording in the early 1990s, and thus the reserves rose by $ 119 million in June.
Egypt's reserves were about $ 19 billion before it signed a 12-billion-dollar loan agreement with the International Monetary Fund for three years in 2016, liberalizing the local currency exchange rate and lifting the capital restrictions that were imposed to attract investors.
In a meeting with Egyptian President Abdel-Fattah Al-Sisi, and in the presence of the Prime Minister Moustafa Madbouly, the Egyptian Finance Minister Mohamed Maait said that "the preliminary indicators of the budget for the last fiscal year 2017/2018 confirm a significant improvement in financial performance," pointing out that "the budget of the previous year fiscal surplus for the first time in more than 15 years, in addition to the reduction of the total deficit of domestic output, as a result of higher public revenues in excess of the annual growth rate of public expenditures, especially with the continued improvement in the performance of tax revenue.