Egypt’s foreign reserves fall to $37.037bn end-April

Egypt's foreign reserves dropped by a further $3.07 billion in April as investors spooked by the coronavirus pulled cash from emerging markets, the central bank said on Thursday, a drain on funds that has pushed Egypt to seek help from the International Monetary Fund (IMF).

Reserves fell to $37.037 billion at the end of April from $40.108 billion at the end of March after having fallen by $5.4 billion in March.

The net foreign assets of the country's banks plummeted by 162.12 billion Egyptian pounds ($10.33 billion) in March, according to central bank figures.