Tuesday, May 17, 2022
name of Prensa Latina
Bandera inglesa
English Edition
name of Prensa Latina

NEWS

NEWS

Egypt’s foreign exchange reserves decrease

Egipto, reservas, internacionales, disminución

Egypt’s foreign exchange reserves decrease

Cairo, Apr 8 (Prensa Latina) Egypt's foreign exchange averaged 37 billion dollars in February, some 3.9 billion dollars less than the previous month and the lowest figure since May 2020, the Central Bank of Egypt (CBE) reported on Friday.
Share on facebook
Share on twitter
Share on whatsapp
Share on telegram
Share on email

A report from the institution attributed this decline to the measures taken to counteract the impact of the crisis in Ukraine on global markets.

The conflict caused massive sales in emerging markets and volatility in global asset prices, it stressed.

In the wake of the situation and in line with the mandate to maintain price stability, the CBE decided to temporarily mobilize its excess foreign currency reserves to calm the markets during this period of stress caused by external factors, the release noted.

In response to the crisis, the CBE raised the fundamental interest rates in March by one percent and the price of the dollar rose to the Egyptian pound to its highest level in five years.

The main sources of foreign exchange earnings for Egypt are the Suez Canal, tourism and remittances from workers.

mh/rgh/rob

RELATED
ÚLTIMO MINUTO
name of Prensa Latina

| Text SMS to 8100 with content PL
Receive 4 mesages x 25 cup

© 2016-2021 Prensa Latina
Latin American News Agency

Radio – Publications  – Videos – News by the minute.
All Rigts Reserved.

St. E No 454 , Vedado,  Habana, Cuba.
Phones: (+53) 7 838 3496, (+53) 7 838 3497, (+53) 7 838 3498, (+53) 7 838 3499
Prensa Latina © 2021 .

Web Site developed by IT Division  Prensa Latina.