The Central Bank of Egypt revealed that its foreign exchange reserves increased by 125 million dollars during last May, to reach 40.46 billion dollars.
According to a report issued by the Central Bank of Egypt, the recorded reserves rose during the month of May last month, from 40.343 billion dollars in the previous April.
According to the Ministry of Planning and Economic Development, the foreign reserve covers import needs for a period of eight months.
The reserves recorded a high level last March, at $ 45 billion, before a decline began later due to the negative economic and monetary consequences of the Corona virus.
The balance of the foreign exchange reserves of Egypt was affected, under the influence of the outbreak of Corona locally and abroad, amid the exit of investors from debt instruments and the local stock exchange.
Source (Anadolu Agency, Edited)
