Egypt’s foreign reserves sufficient to cover imports for 8 months – minister

Egypt’s foreign reserves are sufficient to cover imports for more than eight months, its minister of finance Mohamed Maait said on Sunday.

Egypt’s net foreign reserves stood at $45.354 billion at the end of November, up from $45.247 billion in October.

Reserves surged significantly after Egypt embarked in 2016 on a three-year, IMF-backed economic reform programme. They have seen smaller growths since the summer of 2018.