The Central Bank of Egypt building in the new Administrative capital. Photo courtesy of FEB website.
This follows a rise from $46.7 billion at the end of September to $46.9 billion at the end of October.
NIRs represent the total reserves held by a country's central bank, including foreign currencies, gold, and other assets, after accounting for foreign liabilities.
They serve as a key indicator of a nation's ability to meet its international financial obligations, such as paying for imports, servicing debt, and stabilizing the national currency during times of economic instability.
The International Monetary Fund's (IMF) third review report projected Egypt's NIRs to rise from $47.2 billion in FY2024/2025 to $66.5 billion in FY2028/2029.
Egypt has secured over $57 billion in financial packages from international institutions and development partners.
In February, the country also finalized a landmark $35 billion deal for the Ras El-Hekma project, the largest foreign direct investment (FDI) deal in Egypt’s history.
Additionally, it received the third tranche of its $8 billion loan from the IMF in July, following the completion of the third review.
Egypt also signed a 7.4 billion euro agreement with the EU to support development efforts and joint investments, receiving 1 billion euros in March.
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