{"id":559056,"date":"2021-01-06T03:45:01","date_gmt":"2021-01-06T03:45:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/06\/were-stocking-up-on-greenbacks\/"},"modified":"2021-01-06T03:45:01","modified_gmt":"2021-01-06T03:45:01","slug":"were-stocking-up-on-greenbacks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/06\/were-stocking-up-on-greenbacks\/","title":{"rendered":"We\u2019re stocking up on greenbacks"},"content":{"rendered":"

<\/a> Foreign reserves reached their highest level <\/strong>since April<\/a><\/strong> last month<\/strong>, rising almost<\/a><\/a>USD 800 mn<\/a> in December to top USD 40 bn, according to central bank figures<\/a> released yesterday. This was the largest monthly increase in 2020.<\/p>\n

Foreign reserves came under serious pressure amid the sell-off in emerging markets earlier this year:<\/strong> Egypt\u2019s FX stockpile fell by around USD 10 bn between March and May when the central bank stepped in to cover portfolio outflows, meet debt repayments, and pay for commodity imports during the global selloff of emerging market assets. Reserves have now clawed back almost half of 2020\u2019s losses, and remain more than USD 5 bn short of the USD 45.5 bn peak in February.<\/p>\n","protected":false},"excerpt":{"rendered":"

Foreign reserves reached their highest level since April last month, rising almostUSD 800 mn in December to top USD 40 bn, according to central bank figures released yesterday. This was the largest monthly increase in 2020. Foreign reserves came under serious pressure amid the sell-off in emerging markets earlier this year: Egypt\u2019s FX stockpile fell […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[271,107,104,115,72,655],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559056","post","type-post","status-publish","format-standard","hentry","category-economy","tag-central-bank-of-egypt","tag-covid-19","tag-economy","tag-emerging-markets","tag-enterpriseam","tag-foreign-reserves","wpautop","entry"],"acf":{"mongo_id":"fb024ebc-ab76-40e9-bad8-2981bb92c5c2","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[559046],"teaser":"","voice_url":""},"yoast_head":"\nWe\u2019re stocking up on greenbacks - 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\/2021\/01\/06\/were-stocking-up-on-greenbacks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We\u2019re stocking up on greenbacks\" \/>\n<meta property=\"og:description\" content=\"Foreign reserves reached their highest level since April last month, rising almostUSD 800 mn in December to top USD 40 bn, according to central bank figures released yesterday. 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