Thndr Claps » EGY Claps » Economy 🏙 » Foreign exchange reserves decline 🔽
The ClapEgypt’s foreign exchange reserves declined in May 2022 to $35.5 billion, down from $37.12 billion in April 2022.
Why the dropThe CBE attributed the decrease to a payment of EGP 2 billion in external obligations, such as interest payments on government bonds, in addition to paying loans owed to the IMF.
The CBE said that such payments are expected, and that Egypt’s cash reserves can cover more than five months’ worth of commodity imports.
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