Egypt’s foreign reserves record $34.97 billion in September: CBE

CAIRO - 4 October 2023: Egypt's net international reserves reached $34.97 billion at the close of September 2023. 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.

These reserves serve as a safeguard against external economic shocks and play a crucial role in maintaining confidence in the Egyptian economy. Egypt’s foreign currency reserves include Euros, US Dollars, Australian Dollars, Japanese Yen, and Chinese Yuan.

The increase in reserves can be attributed to increased tourism revenue and foreign investment. The tourism sector witnessed a boost with a 20 percent increase in visitor numbers in the first nine months of 2023 compared to the same period in 2022.

Furthermore, foreign investment inflows have witnessed a remarkable upswing, further bolstering Egypt's economic prospects. The first half of 2023 witnessed a 10 percent increase in foreign investment compared to the same period in the previous year