Egypt’s international reserves hit highest level in 16 months in September

Ahram Online , Wednesday 4 Oct 2023

Net International Reserves (NIRs) at the Central Bank of Egypt (CBE) reached $34.97 billion in September, the highest level in 16 months, according to data released on Wednesday.

File Photo: A man counting Dollars.
File Photo: A man counting Dollars. Al-Ahram.


Egypt’s foreign reserves increased by $42 million in September, compared to the month before, and by more than $1.7 billion over its figure in the same month last year.

The reserves include $27.29 billion in foreign currencies, $7.64 billion worth of gold, and $29 million in special drawings rights (SDRs) with the International Monetary Fund (IMF).

The country’s international reserves had been hit hard after the eruption of the Ukraine conflict in February 2022.

The reserves declined from over $40 billion in January 2022 to $33.14 billion in August of the same year before rising again slightly in the following months.

Egypt’s foreign asset deficit amounted to nearly $25.92 billion in August, while the country seeks to collect  $191 billion in annual US dollar revenues by 2026.

Egypt is currently under review for the loan agreement with the IMF.

The completion of the first review, initially scheduled for 15 March, has not been concluded yet.

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