Foreign Reserves
These foreign reserves are backed by a basket of major currencies: the US dollar, Euro, British pound, Japanese yen, and Chinese yuan.
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.
Egypt’s slow but steady NIRs growth, despite paying off large sums of outstanding debt, reflects a positive trend in the economy’s recovery.
Previously, Fitch Ratings had predicted that Egypt's foreign currency reserves would reach $49.7 billion in FY2023/2024 and $53.3 billion in FY2024/2025.
The Central Bank of Egypt (CBE) reported holding LE 1.883 trillion in foreign assets at the end of April, while commercial banks held LE 1.195 trillion
The Central Bank of Egypt released figures confirming an increase of $696 million in net international reserves during April, underscoring the country's growing economic strength
The CBE helped increase its foreign reserves through the Ras El Hikma deal, valued at $35 billion, which Egypt successfully completed with the UAE at the end of last February.
Egypt's NIR consist of various currencies such as the U.S. dollar, euro, Australian dollar, Japanese yen, and Chinese yuan. These reserves include foreign exchange, gold, and a variety of international currencies
This is a $30 million increase from the $35.21 billion recorded in December 2023
Egypt Today reviews the details of the state’s plan to collect this amount during the coming years.
The state has committed to an ambitious strategy to attract a substantial $191 billion in foreign investments to boost the country’s foreign reserves by 2026 as it struggles with a hard currency shortage
Data recently released by the Central Bank of Egypt (CBE) reveals that Egypt is obligated to pay $29.23 billion in external debt in 2024
This marked a slight increase from the previous month when the reserves stood at $35.102 billion
The central bank’s foreign reserves contain a diverse package of gold, special drawing rights (SDRs), and major international currencies, including US dollars, Euros, Japanese Yen, and Chinese Yuan
Sources stated that there is a preliminary agreement in place, which will include the renewal of existing deposits provided by the two Gulf countries that are set to expire next year
Moody’s latest report downgrades Egypt’s credit rating in local and foreign currencies from B3 to Caa1 with a stable outlook, which Maait stressed was based on external and internal challenges which have also negatively affected macroeconomic indicators globally
This represents an increase of $1 billion from the previous month, as reported by the Central Bank of Egypt. The increase in reserves marks the highest level achieved since 2019.
Data published on the central bank's website showed an elevation in foreign exchange reserves to approximately $34.878 billion at the end of July, compared to $34.806 billion at the end of June.
Egypt’s NIRs reached $33.14 billion in August 2022, falling from $40.9 billion recorded in February 2022 prior to the conflict
The CBE decided to amend the time period for following up the gold proceeds and excluding some cases related to the proceeds of gold export operations.
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