Egypt’s CBE receives 2nd tranche of IMF loan

The second tranche of the International Monetary Fund’s (IMF) loan to Egypt, $1.25 billion, has entered the Central Bank of Egypt’s (CBE) accounts on Tuesday, a banking source told the Middle East News Agency (MENA).

The source added that the tranche will support the country’s foreign exchange reserves.

The data of CBE recently showed that the country’s net international reserves reached $31.125 billion at the end of May 2017, increasing by $2.485 billion from its level in April.

Egypt’s foreign exchange reserves reached $28.649 billion in April,  compared with $28.526 billion in March, according to the data of the CBE.

Egypt received $3 billion from the sale of Eurobonds in May, according to the Ministry of Finance (MoF).

The Egyptian minister of finance told Mubasher in January that his ministry is considering using all funds collected from international bonds to support the country’s foreign exchange reserve instead of directing it to the general budget deficit.