Egypt’s foreign exchange reserves increased for a fifth consecutive month to hit $39.2bn at end-October, according to the Central Bank of Egypt (CBE). Reserves peaked at $45.5bn at the end of February but the coronavirus pandemic and ensuing oil price collapse led Cairo to draw down those reserves to the tune of $9.5bn by the end of May (see chart).

Egypt bagged $8bn through two IMF loans and $3.85bn from the Cairo-based African Export-Import Bank (Afreximbank)in recent months (MEES, 24 July) helping boost the country’s foreign exchange reserves although they remain 14% down on February’s all-time high. (CONTINUED - 124 WORDS)