Egypt’s exports to EU jump to $2.1B

CAIRO – 8 April 2018: Egypt’s exports to the European Union jumped to $2.1 billion (LE 37.1 billion) during the first quarter of fiscal year 2017/2018, compared to $1.6 billion in the same quarter of 2016/2017, according to the Central Bank of Egypt (CBE).

The recent report showed that the exports increased by about $500 million during the mentioned period.

Generally, Egypt's non-oil exports rose 10 percent in 2017 to $22.42 billion, up from $20.41 billion in 2016.

Egypt imports goods and products with an average of $5 billion monthly, and with an annual total of more than $60 billion.

Deputy Governor of the Central Bank of Egypt, Ramy Abul-Naga, told Egypt Today earlier that foreign currency inflows to banks operating in Egypt have risen to more than $75 billion since the flotation of the Egyptian currency in November 2016.

Previously, the central bank announced that Egypt’s foreign reserves increased by $100 million by the end of March 2018 to reach $42.6 billion, as compared to $42.5 billion by the end of February 2018.

Egypt floated its currency in November 2016, before it clinched a $12 billion loan from the International Monetary Fund (IMF).

The IMF loan helped the state’s foreign reserves to rebound by receiving the first three tranches of the loan with a total value of $6.08 billion.

The $2 billion fourth tranche will be received by Cairo after concluding the program’s third review in June.

Foreign currencies of Egypt’s foreign reserves include the U.S. dollar, Euro, Australian dollar, Japanese yen and Chinese yuan.