Egypt’s net foreign reserves rise to $38.425 bln at end-September – c.bank

Egypt’s net foreign reserves reached $38.425 billion at the end of September, up slightly from $38.36 billion in August, the central bank said on Wednesday.

Foreign reserves had fallen since March from a high of more than $45 billion in the light of the economic fallout from the coronavirus outbreak. The pandemic crisis had squeezed some of the country’s key sources of foreign currency, mainly tourism and remittances from workers abroad.