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Wednesday, 7 July 2021

Slowly but surely

FX reserves slightly up in June: Egypt’s foreign currency reserves inched up by almost USD 116 mn June to USD 40.58 bn from USD 40.47 bn in May, according to official figures released by the the Central Bank of Egypt yesterday. FX reserves rose by almost USD 125 mn in May.

Reserves are still about USD 5 bn short of where they were prior to covid: The country’s stockpile fell by almost USD 10 bn from the USD 45.5 bn peak in February 2020 due to the covid-induced sell-off of emerging-market assets, and the lockdown of the economy in the second quarter.

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