Egypt's net international reserves reached $46.597 billion in August, as per the Central Bank of Egypt (CBE). This marked a significant increase from the previous month's $46.49 billion and a notable rise of around $110 million compared to June's $46.38 billion.
Following the $35 billion Ras El Hikma deal earlier in the year, Egypt's net foreign reserves escalated by $11.2 billion over the last 5 months, providing the central bank with a substantial cushion for floating the pound.
In a recent development, Fitch Ratings forecasted a rise in foreign reserves to $49.7 billion for the ongoing fiscal year and projected an increase to $53.3 billion by FY2025/2026 after upgrading Egypt's long-term foreign currency Issuer Default Rating from stable to positive. The agency also anticipated a decrease in the country's current account deficit to 3 percent of GDP by FY2025/2026, citing increased exchange rate stability.
Moreover, in September, Zhao Leji, Chairman of the Standing Committee of the National People's Congress (NPC) of China, announced a grant of ¥100 million (approximately $14 million) from China to support collaborative development projects between Egypt and China.
Comments
Leave a Comment