Egypt's foreign reserves hit record $53.1b in May

Egypt's net foreign reserves rose to a record 53.1 billion U.S. dollars at the end of May, showed the latest official statistics, reported Xinhua.

In a statement released Monday, the Egyptian cabinet said the country's net international reserves increased by 500 million dollars from 52.6 billion dollars at the end of January, reaching their highest level on record.

The government said the rise reflected the resilience of the Egyptian economy and its ability to maintain stability in the face of external challenges.

It attributed the increase to improved foreign currency inflows, which it said would help Egypt meet its external obligations and support financial and monetary stability.