Egypt’s net foreign reserves up to $45.457 bln in January: CBE

Egypt’s net foreign reserves rose to $45.457 billion in January from $45.42 billion in December, the central bank said.

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

In October, the CBE agreed to extend the maturity of Saudi deposits, on the sidelines of the International Monetary Fund meetings in Washington DC.

Egypt received five deposits from Saudi Arabia worth $8 billion between May 2012 and June 2017, a $5.2 billion repayment was scheduled for last October.