Egypt’s foreign reserves rise for fourth month running in September

Foreign reserves inched upwards for the fourth consecutive month in September, rising to USD 38.43 bn from USD 38.37 bn in August, according to central bank figures released on Wednesday. The CBE has been consistently adding to its FX stockpile in the past four months, adding almost USD 2.5 bn after reserves dipped by some USD 10 bn during the height of the coronavirus-driven market panic earlier this year. Reserves declined to USD 36 bn in May from USD 45.5 bn in February after the central bank stepped in to cover portfolio outflows, debt repayments, and imports of commodities.