Egypt pays $2.5B in foreign debt payments within 2 months

CAIRO - 17 January 2023: Egypt paid $2.5 billion of its foreign debt in two months, according to the state central bank.

 

The Central Bank of Egypt (CBE) elaborated in a statement, that it paid about $1.5 billion in November, and $1 billion in December 2022.

 

It stressed that despite these payments, Egypt's foreign exchange reserves rose to $34 billion at the end of December, compared to $33.53 billion in November, with a monthly increase of $470 million.

 

The CBE pointed out that the cash reserves increased during the last four months by more than $860 million.

 

Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen and Chinese yuan.

 

The main function of the foreign exchange reserve, including its gold and various international currencies, is to provide commodities, repay the installments on interest rates of external debt, and to cope with economic crises.