According to a statement by the bank, this decline in foreign reserves came after a steady upward trend in the previous months, and while Egypt is trying to overcome the economic effects of the outbreak of the emerging Corona virus (Covid 19) .
The Central Bank announced that it used about $ 5.4 billion to cover the Egyptian market’s needs for foreign exchange and to cover the decline of foreign investments and international portfolios, as well as to ensure the import of strategic commodities in addition to the payment of special international obligations. Of the state’s external indebtedness.
The bank’s statement stated that the decline comes after an unprecedented blow to global financial markets due to the outbreak of the Corona virus, which resulted in the most severe displacement of portfolio investment from emerging markets, including the market. Egyptian.
Despite the decline, the bank said that Egypt's foreign exchange reserves are able to cover imports for an eight-month period and enabled the country to meet its debt obligations.