Egypt’s forex reserves rise up to 44.4 bln USD

Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016.


Egypt’s foreign exchange reserves (forex) rose to 44.41 billion U.S. dollars in August, the Central Bank of Egypt (CBE) said in a statement on Wednesday.

“Egypt’s forex increased by 105 million dollars to reach 44.41 billion at the end of August,” said the CBE.

Egypt has been going through a strict three-year economic reform program since late 2016, starting with local currency floatation to contain dollar shortage followed by austerity measures, energy subsidy cuts and tax increases.

The Egyptian pound’s exchange rate floatation encouraged the International Monetary Fund to support Egypt’s economic reform plan by a 12-billion-dollar loan, two third of which has already been delivered to the North African country.

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