Egypt’s foreign reserves fall to $37.037 billion at end-April as coronavirus crisis hit

Egypt’s foreign reserves fell to $37.037 billion at the end of April from $40.108 billion at the end of March, the central bank announced on Thursday.
For the second month in a row, the coronavirus crisis has parked a mass flight by foreign funds out of emerging markets, including Egypt during April and thus in return led to a decline in the country’s foreign reserves, the central bank explained.
Egypt has used its foreign reserves during April to repay a Eurobond worth $1 billion as well as to cover the imports of strategic goods worth nearly $3.1 billion, it added in a statement.