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The Central Bank of Egypt (CBE) revealed an increase in Egypt’s foreign exchange reserves by US$72 million during July. It is the eleventh consecutive monthly increase, giving a ray of hope for the country facing a severe foreign exchange crisis
The Central Bank of Egypt (CBE) revealed an increase in Egypt’s foreign exchange reserves by US$72 million during July. It is the eleventh consecutive monthly increase, giving a ray of hope for the country facing a severe foreign exchange crisis. Data showed an increase in foreign exchange reserves to approximately US$34.878 billion at the end of July, compared to US$34.806 billion at the end of June.
Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen, and Chinese yuan. The foreign exchange reserve, including its gold and various international currencies, provide for the import of commodities, repayment of the installments on interest rates of external debt, and coping with economic crises.
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In June, Egypt’s net foreign reserves (NIRs) rose by US$146 million to reach US$34.806 billion (Provisional) in June, up from US$34.660 billion in May 2023. Egypt’s NIRs continue to record positive growth in recent months after the repercussions of the Russia/Ukraine conflict impacted reserves, leading to a shortage in hard currency. Egypt’s NIRs reached US$33.14 billion in August 2022, falling from US$40.9 billion recorded in February 2022 prior to the conflict.
