Egypt’s Foreign Reserves Fall as War Pressures Nation’s Finances

Egypt’s net international reserves dropped to $37.08 billion at the end of March from $40.99 billion the previous month, the central bank said Thursday, as the war in Ukraine pressures the North African nation’s finances.

In a statement, Egypt’s central bank said the conflict between Russia and Ukraine had led it to temporarily mobilize its “excess foreign currency reserves to calm the markets during periods of exceptional stress.” The bank cited its mandate to maintain price stability, and said the move was similar to actions taken during the pandemic.