Egypt: foreign exchange reserves increase by 125 million USD in May 2021

The Central Bank of Egypt (CBE) said on Thursday (June 3) that net international reserves increased by about $ 125 million to $ 40.468 billion in May, from $ 40.343 billion in April 2021.

“The level of foreign exchange reserves allows Egypt to cope with possible exogenous shocks,” said Ramy Aboul Naga, vice-governor of the CBE.

Gold reserves increased by about $ 281 million to $ 4.409 billion in May, from $ 4.128 billion in April. Detailed international reserves figures revealed a $ 29 million decline in the value of foreign exchange reserves in May to $ 36.033 billion in May, from $ 36.062 billion in April 2021.

For its part, the Special Drawing Rights (SDR) balance also declined by about $ 127 million to $ 33 million from $ 160 million during the comparison period.

As a reminder, Egypt’s international reserves consist of foreign currency (FX), gold, SDRs and net loans from the International Monetary Fund (IMF).

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