Foreign reserves dip for third consecutive month in July

Foreign reserves fall again in July: Foreign reserves slipped to USD 33.14 bn in July, down from USD 33.4 bn a month earlier, according to central bank figures released yesterday.

Foreign reserves have declined by almost 20% since March as the fallout from the war in Ukraine and rising interest rates force the central bank to intervene to cover portfolio outflows, finance imports and meet debt repayments. The market volatility led to USD 14.75 bn leaving the country during the first three months of the year.