Egypt’s net foreign reserves reach $34.8B in June 2023, CBE

The Central Bank of Egypt revealed that Egypt’s net foreign reserves (NIRs) rose by $146 million to reach $34.806 billion (Provisional) in June, up from $34.660 billion in May 2023.

Egypt’s NIRs continue to record positive growth in recent months after the repercussions of the Russia/Ukraine conflict impacted reserves, leading to a shortage in hard currency.

Egypt’s NIRs reached $33.14 billion in August 2022, falling from $40.9 billion recorded in February 2022 prior to the conflict.

The value of foreign currencies included in the cash reserve rose to $27.044 billion at the end of June, compared to $26.686 billion at the end of May, the CBE previously explained.

In a separate statement, the CBE announced that the value of gold listed in foreign exchange reserves reached around $7.738 billion in June, compared to $7.949 billion at the end of May.

The banking sector’s liquidity grew by 10% at the end of May, according to a statement by the central bank last week, climbing to LE 8.14 trillion.