The Central Bank of Egypt said on Thursday in a statement that the country's foreign exchange reserves decreased by $3 billion in April due to economic impact of the COVID-19 pandemic on the Egyptian economy
CAIRO (Pakistan Point News / Sputnik - 07th May, 2020) The Central Bank of Egypt said on Thursday in a statement that the country's foreign exchange reserves decreased by $3 billion in April due to economic impact of the COVID-19 pandemic on the Egyptian economy.
"By the end of April, the level of Egypt's foreign exchange reserves reached $37.03 billion, while in late March, this figure was at the level of $40.1 billion," the statement, obtained by Sputnik, said.
The statement added that, in April, the Central Bank used $3.1 billion from foreign reserves to meet the demand of the Egyptian market for foreign currency, ensure the import of strategic goods, as well as pay external debt obligations amounting to $1.6 billion.
The Central Bank also confirmed that it appealed to the International Monetary Fund for financial assistance amid the crisis.
Egyptian Prime Minister Mostafa Madbouly said earlier in the day that Egypt extended its nationwide curfew and other coronavirus-related restrictions until May 24. The country has so far confirmed 7,588 COVID-19 cases and 469 deaths.
