Egypt's foreign reserves increase to $34.224B in January

CAIRO - 5 February 2023: Egypt’s net international reserves (foreign reserves) increased to $34.224 billion by the end of January 2023, marking an increase of about $222 million, according to the Central Bank of Egypt (CBE).

 

Egypt's cash reserves had increased to $34.002 billion at the end of December, compared to $33.53 billion at the end of November.

 

The CBE indicated that, at the end of December, the reserve recorded its highest level since May 2022, despite the payment of payments related to the country's external indebtedness.

 

An official banking source revealed in January that Egypt made payments related to foreign indebtedness during last December, amounting to about $1 billion, while it had paid about $1.5 billion in the previous November, bringing the total payment of external liabilities to $2.5 billion within two months.

 

The source said, in statements to the Middle East News Agency (MENA), that despite the commitment to paying external obligations, the foreign exchange reserves increased by more than $470 million during December, to exceed $34 billion, which is its highest level since May 2022.

 

Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen and Chinese yuan.

 

The main function of the foreign exchange reserve, including its gold and various international currencies, is to provide commodities, repay the installments on interest rates of external debt, and to cope with economic crises.