The NIRs surged by around $1.94 billion, maintaining a gradual upward trajectory since the beginning of 2026.
NIRs stood at $53 billion in April, $52.8 billion in March, $52.7 billion in February, and nearly $52.6 billion in January.
Maintaining high reserves reflects Egypt's economic resilience, supported by higher foreign currency inflows, policy reforms, increased Suez Canal and tourism revenues, and rising remittance inflows.
Remittances climbed 33.2 percent to around $39.2 billion during the first 10 months of the fiscal year 2025/2026, which ended on 30 June. Meanwhile, Suez Canal dollar revenues reached $4.67 billion, a 23 percent increase in FY2025/2026.
NIRs have also been growing since the CBE implemented corrective measures on 6 March 2024, including a six-percentage-point interest rate hike to boost foreign currency liquidity, increase remittance inflows, stabilize prices in the domestic market, and curb inflation.
Uncertainty remains regarding the inflation outlook, as Egypt’s inflation rate rose by 1.4 percent month-on-month in May 2026.
The CBE decided to keep key policy interest rates unchanged in May. Meanwhile, markets await the next Monetary Policy Committee (MPC) meeting, scheduled for 9 July, for a decision on key interest rates.
Furthermore, NIRs are a major part of Egypt's external financial obligations as the country continues to reduce debt service costs, manage pressure on its currency, and minimize the impact of regional geopolitical tensions on its economy.
The Egyptian pound remains about EGP 1, or 2.1 percent, weaker against the US dollar than its pre-conflict level of EGP 47.99.
Increasing reserves is also one of the objectives of Egypt’s current loan programme with the International Monetary Fund, which reached a staff-level agreement in June with the Egyptian authorities on the seventh review of the country's Extended Fund Facility (EFF) and the second review of the Resilience and Sustainability Facility (RSF).
Once approved, Egypt is expected to receive about $1.5 billion under the EFF and around $136 million under the RSF.
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