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Egypt’s foreign reserves rose to 44.28 billion USD: report

PARIS – The Central Bank of Egypt (CBE) said in a statement on Tuesday that the North African nation’s foreign exchange (forex) reserves rose to 44.28 billion U.S. dollars by end of May,

“Egypt’s forex reserves increased by 57 million dollars to reach 44.275 billion dollars at the end of May,” the CBE added.

Economists and policy analysts say Egypt has adopted a strict three-year economic reform program since late 2016, starting with local currency floatation to contain dollar shortage followed by austerity measures, energy subsidy cuts and tax increases.

The liberalization of the Egyptian pound’s exchange rate encouraged the International Monetary Fund to support Egypt’s economic reform plan by a 12-billion-dollar loan.

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Michael Harrington

Michael Harrington is a researcher and senior contributing reporter with Globe Afrique Media.

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