Foreign reserves register $1.7bn year-on-year decrease in October

The Central Bank of Egypt has announced Thursday that foreign reserves reached $16.909bn at the end of October, marking a $37m increase from $16.872bn in September.

October’s figure marks the fourth consecutive increase in foreign currency since a decrease of around $60m from May to June, when foreign reserves fell from $17.28bn to $16.678bn, after registering $17.48bn in April.

In July, the net international reserves increased to $16.73bn followed by a further rise in August to register $16.83bn and $16.872bn in September.