Egypt’s net foreign exchange reserves slumped to just $35.5bn at end-May, down $1.6bn on a month earlier for the lowest figure since June 2017 (see chart). This comes as Egypt’s economy continues to reel from high commodity prices linked to Russia’s invasion of Ukraine.
Egypt Foreign Reserves At 5-Year Low As Cairo Awaits IMF Cash
As Cairo continues discussions with the IMF for another multi-billion-dollar loan, foreign reserves slumped again at the end of May to a five-year low $35.5bn. The country’s draft 2022-23 budget envisages another bumper deficit.
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Tables
Egypt Revenue And Spending (E£ Bn)
Charts
Egypt Foreign Reserves* Slump To 5-Year Low $35.5bn For May Amid Debt Repayment And Capital Outflows ($bn-End Month)
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