Egypt’s foreign reserves inch up in May

Foreign reserves inch up to USD 44.27 bn at end-May: Egypt added USD 112 mn to its reserves base in May to close the month at USD 44.274 bn compared to USD 44.218 bn at end-April, the central bank said. The central bank had made debt payment of USD 406 mn to African Export-Import Bank in May,according to Ahram Gate. Egypt is expecting the final USD 2 bn tranche of the IMF’s USD 12 bn extended fund facility this month afterreaching a staff-level agreement in May, which should bolster reserves.