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Sunday, 9 August 2020

Egypt’s foreign reserves rise for the second month running in July

Foreign reserves tick up in July: Egypt added USD 150 mn to its foreign reserves in July, marking the second consecutive month of gains after falling almost USD 10 bn during the height of the covid-19 pandemic, according to central bank figures released on Thursday. Reserves increased to USD 38.31 bn from USD 38.2 bn in June, having fallen from a peak of USD 45.5 bn between March and May as the bank stepped in to cover portfolio outflows, debt repayments and imports of commodities.

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