Egypt’s NIR rises slightly in December 2023

Ahram Online , Thursday 4 Jan 2024

Egypt’s Net International Reserves increased by $47 million to record $35.22 billion in December, its highest level since May 2022, according to data released by the Central Bank of Egypt on Thursday.

Central Bank of Egypt.
Central Bank of Egypt.

 

Related
Egypt’s net international reserves inch higher in November
Egypt’s central bank increases international reserves slightly in October
Egypt’s international reserves hit highest level in 16 months in September

The CBE has been taking various steps to increase its international reserves amid a shortage in foreign currency that caused a discrepancy between official and parallel exchange rates of local currency.

It is worth noting that around $15 billion of the central bank’s international reserves are deposits by Arab countries.

In the past few months, the UAE has renewed a $1 billion deposit at the CBE for three years to 1 July 2026, while Kuwait prolonged the tenor of a $4 billion deposit.

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