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Egypt foreign reserves down to $36bn in May

People walk past a currency exchange shop displaying a giant US dollars banknote in downtown Cairo on November 3, 2016. [KHALED DESOUKI/AFP via Getty Images]
People walk past a currency exchange shop displaying a giant US dollars banknote in downtown Cairo on November 3, 2016. [KHALED DESOUKI/AFP via Getty Images]

Egypt's foreign reserves dropped $1 billion, the Central Bank of Egypt (CBE) announced yesterday.

"Foreign reserves declined to $36 billion in May, down from $37 billion in April," the CBE said in a statement, adding that the drop marked a "2.8 per cent decline."

The statement noted that the reduction was a result of the outbreak of the novel coronavirus. Egyptian foreign reserves registered a $3 billion decline in April, down to $37 billion, compared to a total of $5.4 billion the previous month.

The drop also comes after Egypt obtained a $2.77 billion loan from the International Monetary Fund (IMF) to address the spread of the coronavirus. In addition, it recently offered international bonds worth $5 billion to help it contend with the pandemic that has brought tourism to a standstill.

Former Egypt minister: 'loan outcomes will be disastrous'

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