International reserves jump to $34.66 billion in May 2023, CBE

The Central Bank of Egypt (CBE) announced on Tuesday that Egypt’s net international reserves rose by $109.2 million to hit $34.66 billion at the end of May 2023, compared to recorded $34.55 billion.

Egypt’s net international reserves continue to recover after hitting its lowest recording in August 2022 at $33.14 billion, falling from $40.9 billion in February 2022.

Foreign currencies were recorded at $26.7 billion compared to April’s $26.1 billion, gold reserves were at $7.95 billion from $8 billion, and special drawing rights (SDRs) recorded $27 million compared to $349 million.

SDRs are international reserve assets created by the International Monetary Fund to supplement the official reserves of its member countries.

Egypt’s net foreign assets (NFAs) deficit jumped to LE 755.68 billion in March 2023, according to a previous report.

In a session at Parliament last week, Minister of Planning and Economic Development, Hala El Said, announced that net foreign direct investments reached around $11 billion, with non-petroleum exports pulling in approximately $32 billion.