02:10 PM
Sunday 07 June 2020
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I wrote – Manal Al-Masry:
The Central Bank of Egypt said on its website today, Sunday, that the monetary reserve fell to about $ 36 billion at the end of last May, compared to about $ 37 billion at the end of April.
The foreign exchange reserves fell for the third consecutive month, losing about $ 9.4 billion in 3 months.
The reserve had recorded a decline in the month of April, about 3 billion dollars, to 37.037 billion dollars, as well as a decline of 5.4 billion Dollars Last March.
The drop in reserves comes in May, despite Egypt obtaining a quick loan from the International Monetary Fund worth $ 2.77 billion and offering international bonds worth $ 5 billion.
The central bank said last month that the repercussions of the spread of the Corona virus on global markets continued for the second month in a row, which affected the continuation of exits for foreign financial investment from emerging markets as well as Egyptian markets during the month of April 2020, albeit at a lower rate than the previous month that The peak of investment portfolios.
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