Foreign Reserves
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.
Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen and Chinese yuan.
Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen and Chinese yuan.
Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen and Chinese yuan.
The net foreign currency reserves rose by $121 million at the end of November 2022, after recording $33.411 billion in October 2022.
Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen and Chinese yuan.
The net foreign currency reserves reached $33.197 billion by the end of September 2022, compared to $33.141 billion recorded in August 2022.
Most Read