Egypt’s foreign exchange reserves are expected to jump in the next financial year 2018-2019, as it is expected to rise to a new record at $39.8 billion, according to EFG-Hermes.
The figure came in a report filed by the Egypt-based bank on its economic expectations for the country in 2018. A copy of the report was obtained by MENA on Monday1/1/2018 .
It predicted tourism revenues to grow to more than $8.4 billion and the Suez Canal’s revenues will increase to about $5.3 billion.
Other factors, like a drop in imports and Egypt’s growing production of gas new supplies started to flow from the giant field Zohr and other western Nile Delta gas fields in 2017, will save a large portion of the foreign reserves and reduce pressure on the local currency, the report read.
The Central Bank of Egypt (CBE) announced in December that the foreign exchange reserves in Egypt reached about $36.723 billion by the end of November, which is the highest rate in its history.
The volume of the foreign reserves of December will be announced by the end of the week.