Egypt’s int’l reserves hit highest point in 4 years

Doaa A.Moneim , Tuesday 4 Jun 2024

Egypt’s net international reserves (NIRs) hit its highest point in more than four years (50 months) to reach $46.1 billion in May, up from $41 billion in April, the Central Bank of Egypt revealed on Tuesday.

USD bills.
File Photo: USD bills. Al-Ahram

 

The reserves are the highest they have been since the pandemic outbreak in February 2020, when they hit $45.5 billion.

The number is expected to exceed $50 billion thanks to the Ras El-Hikma development deal Egypt signed with the UAE in February worth $35 billion, commitments from international financial institutions, and the UK’s recent $400 million financing pledge.

Egypt is engaged with the IMF in an Extended Fund Facility (EFF) loan programme till 2026 worth $8 billion.

Under the programme, Egypt is committed to replenishing its NIRs, which dropped significantly in March 2022 due to the repercussions of the war in Ukraine, a weak Egyptian pound, and a decline in remittances. 

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