CAIRO: Egypt’s foreign exchange reserves have increased for the eighth month running despite economic pressures caused by the second wave of the coronavirus (COVID-19) pandemic.
The Central Bank of Egypt (CBE) announced that the country’s foreign exchange reserves rose to $40.101 billion in January 2020, up from $40.063 billion at the end of December 2020.
Egypt’s foreign exchange reserves begun to rally in June 2020 after the pandemic led to declines between March and May, with a $9.4 billion loss in
Remittances from Egyptians working abroad recorded a remarkable increase in 2020.
According to the CBE, the country received $27.1 billion in remittances in the first 11 months of the year, an increase of about 11.9 percent year-on-year.