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CBE announces decrease of $ 3.91 bln in foreign reserves

The Central Bank of Egypt announced a decrease of US$ 3.91 billion in foreign reserves for the first time in 20 months.

The cash reserves of foreign currencies decreased by the end of March 2022, by $3.91 billion, to $37.082 billion, as the reserves were used to absorb the shock of foreign markets.

The Central Bank of Egypt said that the balance of foreign exchange reserves with the Central Bank of Egypt at the end of March 2022 recorded about $37.082 billion, compared to about $40.99 billion at the end of February 2022.

In compliance with the role of the Central Bank of Egypt in maintaining the stability of the Egyptian markets, and in light of the turbulent global economic conditions as a result of the Russian-Ukrainian crisis, the Central Bank of Egypt, during March 2022, used part of the foreign exchange reserves to cover the Egyptian market’s foreign exchange needs and cover exiting foreign investments and international portfolios, as well as to ensure the import of strategic goods, in addition to the payment of international obligations related to the country’s external debt, the statement read.

The Central Bank stressed that current reserves can still cover more than five months of commodity imports, exceeding the international indicators of adequate reserves.

The Central Bank confirmed that it will continue to closely monitor and evaluate the global situation to take the necessary measures to face any repercussions that may occur in the future.

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