Egypt adds $71.7 mln to international reserves in July

Ahram Online , Sunday 6 Aug 2023

Egypt's net international reserves increased by $71.7 million during July 2023, according to data released by the Central Bank of Egypt (CBE).

Central Bank of Egypt. Ahram Gate.
Central Bank of Egypt. Ahram Gate.


The country's reserves reached $34.87 billion in July, up from $34.8 billion in June.

Over the past 11 months, Egypt’s international reserves 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.

However, the deficit in Egypt's net foreign assets surged by over 125 percent on a yearly basis in June 2023.

The country seeks to tackle a critical shortage of US dollars from which it has suffered for almost a year and a half, to bridge an estimated $17 billion financing gap until 2026.

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