Egypt net foreign reserves hits new record in July at $49 bln
Egypt’s net international reserves (NIRs) hit a new record at the end of July, reaching $49.03 billion, up from $48.7 billion recorded at the end of June, a growth of $336 million, per Central Bank of Egypt (CBE) figures released Monday.
File Photo: an employee counts banknotes at currency exchange shop in the Egyptian capital Cairo. AFP
This marks the highest level ever recorded for Egypt’s NIRs and reflects continued momentum in the country’s external financial position following the adoption of a flexible exchange rate regime in March 2024.
Since the fourth wave of local currency flotation applied in March 2024, Egypt’s reserves have grown by approximately seven percent ($13.5 billion), a development supported by improved foreign inflows, international financing agreements, and stronger confidence in the domestic economy.
The CBE noted that the composition of the foreign reserves includes gold holdings, liquid foreign currencies, and Special Drawing Rights (SDRs) allocated by the International Monetary Fund (IMF).
The rise in reserves provides a critical buffer for Egypt’s economy, supporting its ability to meet external obligations, stabilize the exchange rate, and maintain investor confidence amid global and regional economic uncertainties.
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