The Central Bank of Egypt (CBE) revealed on Tuesday that Egypt’s net foreign reserves rose by $565m in the end of July 2019, to record $44.916bn, up from $44.352bn at the end of June 2019.
According to the CBE, Egypt’s current net foreign reserves covers more than 8 months of commodity imports.
Egypt’s Finance Minister, Mohamed Moeit, revealed on Monday that Egypt received the final $2bn tranche of the $12bn IMF loan last week.
Egypt’s foreign exchange reserves before the 2011 revolution amounted to around $36bn before the country entered a period of political and economic turmoil that negatively impacted tourism and foreign investments.
Afterwards, Egypt’s net foreign reserves hit a historic low in October 2016, with only $19bn.
Egypt has adopted an IMF-supported ambitious economic reform programme in November 2016, which included currency flotation, in addition to energy subsidy cuts, and introduction of VAT.