Egypt foreign-currency reserves rise to $40.3bn in May

RIYADH: Egypt’s central bank reported foreign-exchange reserves of $40.3 billion at the end of May, an increase of $125 million over the month and the highest level since February 2020, Asharq reported.

According to the Ministry of Planning, the reserves cover eight months of Egypt’s imports, equivalent to about $5 billion a month.

Remittances from Egyptians working abroad have strongly contributed to supporting foreign reserves, increasing by 10.5 percent in 2020 to $29.6 billion.