A report from the institution attributed this decline to the measures taken to counteract the impact of the crisis in Ukraine on global markets.

The conflict caused massive sales in emerging markets and volatility in global asset prices, it stressed.

In the wake of the situation and in line with the mandate to maintain price stability, the CBE decided to temporarily mobilize its excess foreign currency reserves to calm the markets during this period of stress caused by external factors, the release noted.

In response to the crisis, the CBE raised the fundamental interest rates in March by one percent and the price of the dollar rose to the Egyptian pound to its highest level in five years.

The main sources of foreign exchange earnings for Egypt are the Suez Canal, tourism and remittances from workers.

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