Egypt's net int'l reserves record $35.173B in November: CBE

CAIRO - 7 December 2023: Egypt's Net International Reserves (NIR) witnessed an increase of $72 million, to record $35.173 billion, according to data released by the Central Bank of Egypt (CBE).

This marked a slight increase from the previous month when the reserves stood at $35.102 billion.

In October, Egypt's NIR also witnessed a growth, to reach $35.1 billion compared to $34.97 billion in September, as reported by the CBE.

Egypt's NIR comprises a variety of currencies including the U.S. dollar, euro, Australian dollar, Japanese yen, and Chinese yuan. These reserves encompass foreign exchange, gold, and other international currencies.

The Egyptian government has been actively pursuing strategies to attract fresh injections of foreign currency and diversify its external financing sources. One of the key measures taken is the issuance of foreign-denominated bonds.

Egypt successfully launched two rounds of Japanese-yen-denominated Samurai bonds, totaling $1 billion, in August and October.

Additionally, the government introduced its inaugural Chinese-yuan-denominated Panda bonds, amounting to $500 million.

Within the scope of attracting $25 billion in foreign direct investments (FDIs) over the next five years, Egypt aims to bridge a financing gap estimated to be between $6-8 billion for the current fiscal year.