{"id":545713,"date":"2022-04-10T04:01:30","date_gmt":"2022-04-10T04:01:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/reserves-dip-to-usd-37-bn-as-cbe-deployed-excess-liquidity-to-calm-the-markets-statement\/"},"modified":"2022-04-10T04:01:30","modified_gmt":"2022-04-10T04:01:30","slug":"reserves-dip-to-usd-37-bn-as-cbe-deployed-excess-liquidity-to-calm-the-markets-statement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/reserves-dip-to-usd-37-bn-as-cbe-deployed-excess-liquidity-to-calm-the-markets-statement\/","title":{"rendered":"Reserves dip to USD 37 bn as CBE deployed excess liquidity to \u201ccalm the markets\u201d \u2013statement"},"content":{"rendered":"

<\/a> Egypt\u2019s foreign reserves declined <\/strong>last month <\/strong>for the first time since the early days of the <\/strong>covid <\/strong>pandemic <\/strong>as the conflict in Ukraine rattled the global economy, the central bank said (pdf)<\/a> last week. Reserves came in at nearly USD 37.1 bn at the end of March from just under USD 41.0 bn<\/a> at the end of the previous month.<\/p>\n

What happened? The central bank \u201cmobilized excess foreign currency reserves to calm the markets during periods of exceptional stress<\/strong>,\u201d the statement said, pointing to what it described as a \u201cmassive sell-offs in emerging markets.\u201d The CBE said it deployed some of its reserves to cover \u201csubstantial foreign investor outflows and partially cover local demand in order to ensure the availability of imported strategic goods and to repay external debt obligations in a timely manner.\u201d<\/p>\n

The CBE is projecting calm<\/strong>: \u201cNet international reserves remain at ample levels, covering more than five months of imports, exceeding global reserve adequacy measures,\u201d the central bank said.<\/p>\n

The central bank is also getting more firepower to work with <\/strong>thanks to our friends in the GCC. The UAE is reportedly looking to invest USD 2 bn in Egypt, Qatar<\/a> said at the end of March it would commit some USD 5 bn here and Saudi Arabia<\/a> said days later that it was making a USD 5 bn deposit at the CBE and could invest some USD 10 bn in Egypt. The Madbouly government is also in talks with the International Monetary Fund<\/a> for a new program that could unlock additional financing.<\/p>\n

The story is getting coverage in the global business press:<\/strong> Reuters<\/a> | Bloomberg<\/a> | Xinhua<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s foreign reserves declined last month for the first time since the early days of the covid pandemic as the conflict in Ukraine rattled the global economy, the central bank said (pdf) last week. Reserves came in at nearly USD 37.1 bn at the end of March from just under USD 41.0 bn at the […]<\/p>\n","protected":false},"author":1,"featured_media":545714,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[271,104,72,655,296,1341,219,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-foreign-reserves","tag-qatar","tag-russia-ukraine-conflict","tag-saudi-arabia","tag-uae","wpautop","entry"],"acf":{"mongo_id":"1081735e-da66-4ffd-a584-d44e361d6b8c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/4\/178.jpg","photo_position":"above","related_issue":[545707],"teaser":"","voice_url":""},"yoast_head":"\nReserves dip to USD 37 bn as CBE deployed excess liquidity to \u201ccalm the markets\u201d \u2013statement - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/reserves-dip-to-usd-37-bn-as-cbe-deployed-excess-liquidity-to-calm-the-markets-statement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reserves dip to USD 37 bn as CBE deployed excess liquidity to \u201ccalm the markets\u201d \u2013statement\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s foreign reserves declined last month for the first time since the early days of the covid pandemic as the conflict in Ukraine rattled the global economy, the central bank said (pdf) last week. 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Reserves slipped by another USD 3.1 bn during the month to USD 37 bn, having fallen from a peak of USD\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/90.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":611596,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/10\/fx-reserves-flat-in-november\/","url_meta":{"origin":545713,"position":1},"title":"FX reserves flat in November","author":"enterpriseam admin","date":"10 December 2023","format":false,"excerpt":"FX reserves have added USD 2 bn in the last fifteen months","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1485.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547848,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/foreign-reserves-fall-again-in-june\/","url_meta":{"origin":545713,"position":2},"title":"Foreign reserves fall again in June","author":"enterpriseam admin","date":"17 July 2022","format":false,"excerpt":"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\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555061,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/saudi-deposits-usd-3-bn-at-cbe-to-shore-up-egypts-foreign-reserves\/","url_meta":{"origin":545713,"position":3},"title":"Saudi deposits USD 3 bn at CBE to shore up Egypt\u2019s foreign reserves","author":"enterpriseam admin","date":"1 November 2021","format":false,"excerpt":"Saudi Arabia has provided Egypt with USD 3 bn to help it overcome the effects of the pandemic and shore up its foreign reserves. The kingdom deposited the new funds at the Central Bank of Egypt and has extended the maturity of USD 2.3 bn worth of existing deposits, the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/268.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548414,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/08\/foreign-reserves-dip-for-third-consecutive-month-in-july\/","url_meta":{"origin":545713,"position":4},"title":"Foreign reserves dip for third consecutive month in July","author":"enterpriseam admin","date":"8 August 2022","format":false,"excerpt":"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\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575951,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/04\/egypt-adds-usd-800-mn-to-foreign-reserves-in-october\/","url_meta":{"origin":545713,"position":5},"title":"Egypt adds USD 800 mn to foreign reserves in October","author":"enterpriseam admin","date":"4 November 2020","format":false,"excerpt":"Egypt adds USD 800 mn to foreign reserves in October: Egypt\u2019s 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\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=545713"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545713\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/545707"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/545714"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545713"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545713"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}