Egypt’s foreign-currency reserves shot up to $40.3bn in May

• The rise has been due to remittances sent by Egyptians working abroad

• According to the Ministry of Planning, the reserves cover eight months of Egypt’s imports

Egypt’s foreign reserves shot up to $40.3 billion at the end of May, a jump of $125 million from the month of April. The reserves stand at their highest since 2020, Asharq reported.

According to the Ministry of Planning, the reserves cover eight months of Egypt’s imports, equivalent to about $5 billion a month. Remittances from Egyptians working abroad have strongly contributed to supporting foreign reserves, increasing by 10.5 percent in 2020 to $29.6 billion.

Egypt’s central bank reported foreign-exchange reserves of $40.3 billion at the end of May, an increase of $125 million over the month and the highest level since February 2020, Asharq reported