Foreign reserves fall again in June

Foreign reserves dip in June: Foreign reserves fell to USD 33.4 bn at the end of June, from USD 35.5 bn a month earlier, according to central bank figures released last week. Reserves have fallen from almost USD 41 bn over the past four months as the central bank has acted to cover portfolio outflows, imports and debt repayments. The war in the Ukraine has sent Egypt’s wheat and energy import bills surging and while investor uncertainty triggered by the war and rising interest rates has seen around USD 20 bn in foreign capital leave the country.

The figures were picked up by the foreign press: Bloomberg.