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Tuesday, 7 September 2021

FX reserves inch up in August

Egypt’s foreign currency reserves inched up by USD 62.9 mn in August, reaching USD 40.67 bn from USD 40.61 bn in July, according to official figures released by the Central Bank of Egypt yesterday. Egypt’s reserves had increased USD 3 mby n in July, after jumping USD 116 mn in June.

Reserves are getting closer to their pre-covid levels: The country’s stockpile fell by almost USD 10 bn from the USD 45.5 bn peak in February 2020 due largely to the covid-induced sell-off of emerging-market assets.

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