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07-06-23
Egypt's Foreign Reserves Show Gradual Recovery, Reaching USD34.66 Billion in May
(MENAFN) According to the latest data from the Central Bank of Egypt, the country's foreign reserves experienced a month-on-month increase of approximately USD110 million in May, reaching a total of USD34.66 billion. This marks a positive trend in Egypt's net international reserves (NIR) following the economic challenges faced in the aftermath of the Ukraine-Russia war. Notably, the NIR had dropped from a peak of USD40.9 billion in February 2022 to a record low of USD33.14 billion in August of the same year.
Over the past nine months, Egypt's foreign reserves have gradually improved, indicating a recovery in its economic situation. The Central Bank reports that the international reserves consist of around USD26.7 billion in foreign currencies, USD7.95 billion in gold, and USD27 million in special drawing rights (SDRs). Special drawing rights are defined by the International Monetary Fund (IMF) as international reserve assets created to supplement the official reserves of member countries.
The IMF is currently evaluating Egypt's economic environment as part of the process to release the second installment of a USD3 billion loan approved in December 2022. This loan aims to support Egypt's economic stability and development. The assessment by the IMF reflects the importance of monitoring Egypt's financial indicators and economic performance to ensure the country's ongoing recovery.
In March 2023, Egypt's net foreign assets deficit, which represents the difference between its foreign assets and liabilities, increased by USD1.66 billion to reach USD24.42 billion compared to USD22.76 billion in February. These figures underscore the significance of managing and stabilizing the country's foreign assets to mitigate potential economic risks and maintain a robust financial position.
The steady increase in Egypt's foreign reserves signifies positive progress in its economic recovery and resilience. It demonstrates the efforts made to rebuild and strengthen the country's financial buffers, supporting its ability to navigate uncertainties and external shocks. As Egypt's foreign reserves continue to improve, they contribute to bolstering investor confidence, attracting foreign investment, and promoting economic growth in the country.
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