Egypt’s foreign reserves rise slightly in September to $40.8 bln: CBE

Doaa A.Moneim , Monday 4 Oct 2021

Egypt’s Net International Reserves (NIRs) rose slightly in September to $40.8 billion, up from the $40.6 billion recorded in August, the Central Bank of Egypt (CBE) announced on Monday.


The country’s foreign reserves started bouncing back in July 2020 after being severely hit by the COVID-19 outbreak in March, when foreign investors sold their T-bills and bonds.

By the end of March 2020, Egypt’s NIR dropped sharply to $40.1 billion, down from the $45.5 billion recorded at the end of February 2020.

Trading Economics, a website that monitors global economic indicators, expects Egypt’s foreign reserves will soon approach their pre-pandemic levels, projecting that they will reach around $45 billion by the end of 2022 and hit $46.5 billion in 2023.

In March 2021, Fitch Ratings affirmed that Egypt's long-term foreign-currency issuer default rating is B+ with a stable outlook.

Fitch’s appraisal is based on the country’s track record of fiscal and economic reforms and its large economy, which has demonstrated stability and resilience through the COVID-19 crisis.

Egypt attained a GDP growth estimated at 2.8 percent in FY2020/2021 and is aiming to grow by 5.4 percent in the current FY2021/2022, according to the state’s budget plan.

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