Egypt's foreign reserves declined by a further $1 billion (Dh3.67bn) in May, the central bank said on Sunday, as the coronavirus crisis continues to pressure the economy.
Reserves at the end of May were $36bn, down from $37bn at the end of April, having already fallen by $3.07bn in April and $5.4bn in March as investors unnerved by the coronavirus pulled cash from emerging markets.
The May decline looks small compared with the previous months, but the extent of outflows could be higher if any proceeds from May's $5bn eurobond sale and $2.78bn received from the International Monetary Fund were used to bolster reserves.
"For now, we can assume capital flight," said Renaissance Capital analyst Ahmed Hafez, adding that banks may have tapped central bank funds to cover some of their net foreign liabilities.
"Overall, higher than expected, but under control," he said of the latest decline.
The central bank could not be immediately reached for comment.
The Covid-19 crisis has squeezed some of the country's main sources of foreign currency, especially tourism and remittances from workers abroad.
"With close to $8bn of external funding raised during the month, the net international reserves drop comes as a surprise to us," said Allen Sandeep of Naeem Brokerage.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The biog
Prefers vegetables and fish to meat and would choose salad over pizza
Walks daily as part of regular exercise routine
France is her favourite country to visit
Has written books and manuals on women’s education, first aid and health for the family
Family: Husband, three sons and a daughter
Fathiya Nadhari's instructions to her children was to give back to the country
The children worked as young volunteers in social, education and health campaigns
Her motto is to never stop working for the country
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Three ways to get a gratitude glow
By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.
- During your morning skincare routine, name five things you are thankful for about yourself.
- As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
- In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
Brief scores:
Juventus 3
Dybala 6', Bonucci 17', Ronaldo 63'
Frosinone 0
The UN General Assembly President in quotes:
YEMEN: “The developments we have seen are promising. We really hope that the parties are going to respect the agreed ceasefire. I think that the sense of really having the political will to have a peace process is vital. There is a little bit of hope and the role that the UN has played is very important.”
PALESTINE: “There is no easy fix. We need to find the political will and comply with the resolutions that we have agreed upon.”
OMAN: “It is a very important country in our system. They have a very important role to play in terms of the balance and peace process of that particular part of the world, in that their position is neutral. That is why it is very important to have a dialogue with the Omani authorities.”
REFORM OF THE SECURITY COUNCIL: “This is complicated and it requires time. It is dependent on the effort that members want to put into the process. It is a process that has been going on for 25 years. That process is slow but the issue is huge. I really hope we will see some progress during my tenure.”
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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COMPANY%20PROFILE
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UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Match info:
Manchester City 2
Sterling (8'), Walker (52')
Newcastle United 1
Yedlin (30')
