Egypt’s foreign reserves increase to US$40.3 billion at end of April

The Central Bank of Egypt (CBE) said on Thursday that the country’s net foreign reserves increased to US$40.3 billion at the end of April.

The net international reserves of foreign exchange rose by about six million as compared to the end of March.

Egypt imports goods and products valuing an average of US$5 billion every month, with an annual total of more than US$55 billion, therefore, the current foreign reserve can cover around seven months of the country’s commodity imports.

Edited translation from Al-Masry Al-Youm

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