Egypt’s net foreign reserves increase to $40.337 billion in March: c.bank

Egypt’s net foreign reserves increased to $40.337 billion in March from $40.201 billion in February, a central bank data showed on Sunday.

Foreign reserves had made an impressive comeback in December, growing by almost $800 million to their highest level since April.

The reserves stockpile had declined by around $10 billion between March and May 2020 when the central bank stepped in to cover portfolio outflows, meet debt repayments, and pay for commodity imports during the global selloff of emerging market assets prompted by COVID-19 pandemic.