The foreign exchange reserves at the Central Bank of Egypt (CBE) increased to $31.12bn at the end of May compared to $28.641bn at the end of April, an increase of $2.485bn. The amount of foreign currency increased from $25.215bn in April to $27.694bn in May, an increase of $2.479bn, according to the CBE. The value of gold in foreign exchange reserves at the CBE meanwhile rose by $7m to reach $2.637bn in May. The value of special drawing rights—supplementary foreign exchange reserve assets maintained by the International Monetary Fund (IMF)—listed in the reserve amounted to $764m at the end of May. Mohamed Abdel Aal, a board member at the Suez Canal Bank, said that the increase in foreign exchange reserves at the CBE, even if it resulted from external borrowing and bonds, will have a positive impact on raising the credit rating of Egypt.

Source: Daily News Egypt June 05, 2017 13:07 UTC