Corona’s consequences devour $ 5.4 billion of Egypt’s cash reserves

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Source: Cairo – Khaled Hosni

The Central Bank of Egypt announced that the international reserves of foreign exchange in its possession absorb the shock of international markets, after it recorded about 40 billion dollars at the end of last March.

He pointed out that he used about $ 5.4 billion in foreign exchange reserves in March to cover the needs of the Egyptian market for foreign exchange and cover the decline of foreign investments and international portfolios, as well as to ensure the import of strategic goods, in addition to paying international obligations related to the external debt of the country.

He explained that the use of these funds came in compliance with the bank’s role in maintaining the stability of the Egyptian markets and in light of the regional and global economic turmoil.

The Central Bank of Egypt indicated that it has been confirmed to him that the record increase achieved by foreign exchange reserves over the past three years and reaching more than $ 45 billion for the first time in the history of Egypt was one of the foundations of the stability and stability of the Egyptian economy and its ability to withstand the greatest shocks suffered by the largest Global economies.

He stated that this cash reserve provided the ability to provide liquidity to finance major projects of the state, as well as the industrial, agricultural and service sectors, in a way that leads to supporting local production in all its fields, and it is the largest guarantee for creating job opportunities for Egyptians.

Despite the change in the reserve that occurred during the month of March, the Central Bank of Egypt confirmed that the existing reserve is already sufficient to cover the country’s imports for a period of 8 months, bypassing international rates that are not more than 3 months in some countries only.

He added: “In order of the above, the figures, facts and results confirmed that the economic reform program, which was supported by the political leadership, formed a solid wall against the most severe global crisis represented by the Corona virus.

The Central Bank of Egypt affirmed that it continues to track and monitor all global, regional and internal changes, and will continue to take any measures that would preserve the Egyptian economy and its success during the past few years.







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