The Egyptian foreign reserves decreased by about one billion dollars last May, as a result of the continued pressure of the emerging Corona Virus pandemic (Covid 19) on the Egyptian economy. p>

The central bank said in a statement yesterday, Sunday, that foreign reserves of the currency amounted to $ 36 billion in May, compared to $ 37 billion in April 2020.

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The reserves were already reduced by $ 3.07 billion in April and $ 5.4 billion in March 2020; After investors withdrew cash from emerging markets due to concerns about the impact of the Corona Virus.

The May decrease seems a little bit compared to the previous months, but with external inflows it could be higher if any returns were used, from selling euro denominated bonds at a value of 5 billion euros in May, or $ 2.78 billion from the International Monetary Fund, in strengthening reserves.

Corona's crisis has reduced some of the major sources of foreign currency in Egypt, especially tourism and remittances from workers abroad.