Net foreign reserves at the Central Bank of Egypt increased during the month of June, reaching new record levels for the second month in a row.
Data from the Central Bank of Egypt showed, on Sunday, that net foreign reserves increased to $46.384 billion in June, compared to $46.126 billion last May.
Egypt's foreign reserves reached their highest levels ever last May.
This increase came after the Egyptian authorities said on May 15 that they had received a second tranche worth $14 billion from an agreement with the United Arab Emirates to invest in the Ras El Hekma region.
The investment made by the UAE allowed the Egyptian authorities to enact a long-awaited devaluation of the currency, which in turn opens the door to further financing from the International Monetary Fund, the European Union and others, bringing the total aid pledged to Egypt to $57 billion.
The International Monetary Fund expects Egypt's net international reserves to rise to about $49.2 billion by the end of June, according to Bloomberg.
Egypt signed an eight-billion-dollar financial support package with the International Monetary Fund on March 6 after it sharply devalued its currency, leading to an outflow of portfolio investments and remittances from workers abroad.
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