Egypt adds USD 800 mn to foreign reserves in October

Egypt adds USD 800 mn to foreign reserves in October: Egypt’s foreign reserves grew for the fifth consecutive month in October, climbing to USD 39.22 bn from USD 38.43 bn in September, according to central bank figures released yesterday. Reserves fell by some USD 10 bn between March and May this year as the central bank stepped in to cover the capital outflows as a risk-off swept global emerging markets. The CBE also funded imports of commodities and debt repayments. The country’s FX stockpile has been steadily rebounding since June, inching back toward its February peak of USD 45.5 bn.