Egypt’s net foreign reserves reached $17b at the end of April, which marks an increase by $449m, the Central Bank of Egypt (CBE) announced, wrote Aswat Masriya. The foreign currency reserves increased by $408m in April compared to March.
According to a CBE statement, foreign currencies balance recorded $13.237b compared to $12.829b in March, wrote Daily News Egypt.
Egypt has been witnessing a foreign currency crisis due to pressures on its reserves as a result of a weakening tourism sector in addition to the decline in Suez Canal revenues.
In March, Egypt’s foreign reserves reached $16.5b, following a March 14th devaluation of the Egyptian pound by 14.5% against the US dollar.