Cairo – Mubasher: Egypt’s net international reserves slid to $40.108 billion at the end of March, compared to $45.510 billion a month earlier, according to official data.

The drop in foreign reserves was ascribed to “the unprecedented blow to the global financial markets arising from the coronavirus epidemic,” the Central Bank of Egypt (CBE) said in a statement late on Tuesday.

The CBE used $5.4 billion from its net foreign reserves during March to meet the needs for imported essential goods and make external debt service payments.   

However, the country’s net international reserves remain strong as they are sufficient to cover imports for about eight months.