Vehicles drive by in front of Central Bank of Egypt Headquarters in Cairo. Reuters
The rise continued a steady trend for NIRs in recent months, increasing from $46.94 billion in October to $46.95 billion by the end of November.
On a year-on-year basis, Egypt's foreign exchange reserve balances increased by $11.9 billion in 2024, compared to $35.22 billion in December 2023.
NIRs, which include foreign currencies, gold, and other assets, after accounting for foreign liabilities, represent the total reserves held by a country's central bank.
These reserves are a key indicator of a nation's capacity to fulfil international financial obligations, such as paying for imports, servicing debt, and stabilizing the national currency during periods of economic instability.
In related news, Minister of Finance Ahmed Kouchouk said on Sunday Egypt is set to receive a $1.2 billion payment from the International Monetary Fund (IMF) in January as part of its $8 billion program with the fund.
Last week, the CBE received 1 billion euros as part of the financing package set by the Egypt-EU strategic partnership agreement signed in March 2024.
Short link: