Egypt’s net foreign reserves decreased $1.63 billion during May, the Central Bank of Egypt (CBE) announced Monday.
The net foreign currency reserves reached $35.5 billion by the end of May 2022, compared to $37.123 billion recorded in April 2022.
The CBE attributed this decline to the role entrusted to the Central Bank of Egypt to pay the payments related to Egypt’s foreign debts due last May: this amounted to $2 billion on behalf of the Ministry of Finance to pay treasury bonds and dues of the International Monetary Fund (IMF) and other obligations.
The bank said that the net cash reserve balance is sufficient and covers five months of commodity imports.
Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen and Chinese yuan.
Foreign exchange reserves in Egypt decreased for the second straight month to $35.5 billion in May of 2022, following an external debt repayment of about $2 billion. This included the payment of Egyptian Eurobond coupons issued by the Ministry of Finance, principal and interest payments to the International Monetary Fund, among other external debt obligations.