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Egypt’s foreign deposits fall for first time in four months

Egypt’s foreign deposits fall for first time in four months
The country’s international reserves rose by $113 million in July

Cairo – Mubasher: Total foreign-currency deposits held by the Egyptian banking sector dropped in July for the first time in four months.

Foreign-currency deposits retreated to EGP 657.153 billion ($41.66 billion) last July, compared to EGP 666.642 billion ($42.26 billion) a month earlier, official data showed.

Year-on-year (YoY), foreign deposits fell by 7.25% from EGP 708.575 billion ($44.9 billion) in July 2019.

The Egyptian pound has recently increased against the US dollar to its highest level since May.

At the end of July, the country’s international reserves rose by $113 million to $38.314.5 billion, compared to $38.201 billion in June.

In May, Egypt secured a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI) to help mitigate the impact of the coronavirus (COVID-19).