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Egypt’s int'l reserves hit $40.6bn in December 2020 – CBE

Egypt’s int'l reserves hit $40.6bn in December 2020 – CBE
Egypt previously received a $2.7 billion loan from the International Monetary Fund

Cairo – Mubasher: Egypt’s net international reserves increased by $841 million month-on-month (MoM) in December 2020, data by the Central Bank of Egypt (CBE) showed on Tuesday.

Foreign reserves reached a total of $40.063 billion at the end of last month, compared to $39.222 billion in November and $39.22 billion in October.

In May, Egypt received 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 for a $5.2 billion standby loan.