Egypt's NIRs reach $40 bln in March - the highest since February 2022

Ahram Online , Wednesday 3 Apr 2024

Egypt’s Net International Reserves reached $40.36 billion at the end of March 2024, the highest since February 2022, according to data released by the Central Bank of Egypt on Wednesday.


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

 

The increase is the highest since February 2022 when the reserves reached $40.99 billion.

Similarly, the latest reserve increase surpasses the value recorded in February 2024 ($35.31 billion). 

The recent increase in NIRs has been attributed to recent inflows to the Egyptian economy.

Since February, the government has taken several actions to provide US dollar liquidity in the local market for releasing the stockpiled goods in ports and keeping market stability amid the elevating inflation.

Weeks ago, the World Bank Group (WBG) announced new financing to Egypt of over $6 billion over the next three years.

Similarly, the International Monetary Fund (IMF) has expanded its Extended Fund Facility (EFF) loan programme for Egypt from $3 billion to $8 billion over four years.

The European Union (EU) has, for its part, pledged more than $8 billion in loans and financing to support the country’s economy amid the repercussions of the Gaza and Sudan wars.

In early March, Egypt signed a $35 billion investment deal -- the largest foreign direct investment (FDI) in Egypt's history -- with the United Arab Emirates to develop Ras El-Hekma at the North Coast. 

Short link: