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Egypt’s net foreign reserves rise to $38.42bn in September

Egypt’s net foreign reserves rise to $38.42bn in September
Central Bank of Egypt

Cairo – Mubasher: Egypt’s net international reserves grew by $59 million to $38.425 billion in September, data by the Central Bank of Egypt (CBE) showed on Wednesday.

The country’s foreign reserves reached $38.366 billion in August and $38.314 billion in July.

In May, Egypt obtained 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) pandemic.

In addition, the government reached a staff-level agreement with the IMF on a $5.2 billion standby loan.