Egypt’s foreign reserves rise by $46.94 billion by end of October 2024

Egypt’s net international reserves reached $46.94 billion by the end of October 2024, reflecting a $200 million increase from $46.74 billion in September, as per the Central Bank of Egypt (CBE).

 

In its September report, the CBE also noted reserves climbing to $46.597 billion by the end of August from $46.49 billion in July.

 

These foreign reserves are backed by a basket of major currencies: the US dollar, Euro, British pound, Japanese yen, and Chinese yuan.

 

The International Monetary Fund (IMF) is set to commence its fourth review of Egypt’s economic reform program next Tuesday, as announced by Prime Minister Mostafa Madbouly in a press conference with IMF Managing Director Kristalina Georgieva. Upon the review’s completion, the IMF will release a $1.3 billion tranche, the largest installment to date.

 

Additionally, CBE's recent Balance of Payments report highlighted a record-breaking fiscal year 2023/2024, with net foreign direct investment (FDI) inflows reaching $46.1 billion, a steep rise from the previous year’s $10 billion.

 

A significant $40.5 billion of these inflows occurred in the latter half of the fiscal year, driven mainly by the $35 billion Ras El Hekma agreement.