Egypt’s net foreign reserves rise to $40.2 billion at February-end: c.bank

Egypt’s net foreign reserves inched up by $100 million to $40.200 billion at the end of February from $40.100 billion in January, the central bank said in a statement on Sunday.

Foreign reserves had made a significant comeback in December, rising by almost $800 million to their highest level since April.

The FX stockpile had dropped by around $ 10 billion between March and May 2020 when the central bank stepped in to cover portfolio outflows, meet debt repayments, and pay for commodity imports during the global selloff of emerging market assets prompted by covid-19.