The Central Bank of Egypt revealed that foreign reserves rose marginally at the end of last March by $137.2 million, on a monthly basis, to continue to rise for the ninth consecutive month.
According to the Central Bank of Egypt, the net international reserves rose to $40.34 billion at the end of last March, compared to about $40,201 billion at the end of last February. Foreign exchange reserves had grown by about $100 million in February, and $38.2 million in January, after jumping by about $800 million in December 2020 to record its highest increase since April 2020. Despite this, the foreign reserves are still below the record level of $45.5 billion registered at the end of February 2020 before the outbreak of the "Covid-19" pandemic in the country, which caused a loss of about $10 billion of reserves at the peak of the epidemic between March and May of last year.
This rise is due to several reasons, the most important of which is the Egyptian government’s ability to control the trade balance deficit, which continued to decline to record about $3.15 billion during the month of January, compared to about $3.85 billion during the same period last year, representing a decline of about 18.2 percent.
Source (Al-Arabiya.net, Edited)
