Egypt adds $109.2 mln to int’l reserves in May in continued upward tick

Ahram Online , Tuesday 6 Jun 2023

Egypt's net international reserves increased by $109.2 million during May 2023, the Central Bank of Egypt (CBE) announced on Tuesday.

The Central Bank of Egypt (CBE) headquarters, Cairo, Egypt. AP
The Central Bank of Egypt (CBE) headquarters, Cairo, Egypt. AP


Reserves reached $34.66 billion in May, up from $34.55 billion in April.

Over the past nine months, Egypt’s NIRs have been ticking upward after being hit hard by the Ukraine war last year. They reached a low point of $33.14 billion in August 2022 after declining from a high of $40.9 billion in February 2022.

According to the CBE, Egypt's international reserves include around $26.7 billion in foreign currencies, $7.95 billion in gold, and $27 million in special drawing rights (SDRs).

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

The IMF is currently reviewing Egypt's economic situation to disburse the second tranche of a $3 billion loan approved in December 2022.

The country's net foreign assets (NFAs) deficit increased by EGP 51.456 billion ($1.66 billion) to EGP 755.688 billion ($24.42 billion) in March 2023, compared to EGP 704.232 billion ($22.76 billion) in February.

NFAs are the sum of foreign assets held by monetary authorities and deposit money banks.

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