03:32 PM
Thursday 07 April 2022
I wrote – Manal Al-Masry:
Today, Thursday, the Central Bank of Egypt announced that Egypt’s foreign exchange reserves decreased for the first time in 22 months, by about $3.9 billion during the month of March.
The Central Bank said, in a statement on its website, that foreign exchange reserves recorded 37.082 billion dollars at the end of last March, compared to 40.994 billion dollars at the end of February.
The Central Bank stated, in its statement, which came under the title “The Central Bank’s international foreign exchange reserves face the shock of international markets,” that it used part of the foreign exchange reserves to cover the Egyptian market’s foreign exchange needs and cover the exit of foreign investments and international portfolios, as well as to ensure the import of strategic goods, in addition to Paying off the international obligations of the country’s external debt.
He pointed out that this comes as a commitment to the bank’s role in maintaining the stability of the Egyptian markets and in light of the turbulent global economic conditions as a result of the Russian-Ukrainian crisis.
The Central Bank clarified that despite the change in the reserve during the month of March, it was still able to cover more than 5 months of merchandise imports, surpassing the international indicators of the adequacy of reserves.
He added that in light of the current developments, he affirms that he will continue to closely monitor and evaluate the global situation to take the necessary measures to face any repercussions that may occur in the future.
And the foreign exchange reserves rose continuously for 21 months, starting in June 2020 and ending last February, with a total increase of about $ 5 billion, after losing about $ 9.5 billion in the first three months of the Corona virus crisis, which are March, April and May 2020.