Egypt’s net foreign reserves increased to $45.456bn at the end of January 2020, compared to about $45.419bn in December 2019, the Central Bank of Egypt (CBE) said on Thursday.
The January’s figure is the highest in the history of Egypt and it covers more than eight months of commodity imports.
Foreign exchange (FX) reserves at the CBE recorded unprecedented levels in 2019, about $45.419bn, up from $42.61bn at the beginning of the year.
The flotation in November 2016 contributed to the increase in FX reserves, as it stood at about $19.5bn at the end of October 2016.
Egypt’s access to strong cash flows and loans from abroad also contributed to the FX increase, most notably the $12bn loan from the International Monetary Fund.
The FX flows reached about $200bn since the flotation until June 2019, according to CBE Governor Tarek Amer.