Egypt’s international reserves increased by $548 million in four months, CBE

Egypt’s international reserves increased by $548 million to record $34.5 billion in April 2023, in 4 months.

CBE reported the value of gold listed in reserves increased to $8 billion in April, compared to $7.3 billion in December, an increase of $705 million.

The special drawing rights increased to $349 million in April 2023, compared to $13 million in December 2022, an increase of $336 million.

The volume of foreign exchange declined to $26.1 billion, compared to $26.6 billion, a decrease of $496m.

Egypt’s economy has attracted significant foreign investments during the first half of the fiscal year, as well as financial resources from many international institutions, despite the severity of the global pressures and challenges, Minister of Finance, Mohamed Maait, stated this week.

He added that the Egyptian economy still has the ability to attract foreign inflows, and that the government's measures and reforms to enable local and foreign private sectors to participate in the economy will contribute to a speedy and sustainable return of the Egyptian economy to strong growth.