As per the Central Bank of Egypt, Egypt’s net International Reserves (NIR) increased to USD 46.597 billion (EGP 2.25 trillion) in August from USD 46.49 billion (EGP 2.25 trillion) in July, showing a gain of around USD 110 million (EGP 5.32 billion).
Egypt’s NIR, also referred to as foreign currency assets, is safeguarded by the central bank to ensure the nation’s economic stability. It consists of foreign currency assets, gold, and special drawing rights (SDRs) with the International Monetary Fund (IMF).
NIR assets, fully controlled by the bank, comprise deposits and securities abroad, providing liquidity for precautionary and transactional needs.
According to Egyptian Streets Although the data from the Central Bank of Egypt indicates that foreign currency reserves remained mostly unchanged in August, slightly increasing by USD 9 million (EGP 435.15 million) to stay in the range of USD 36.3 billion (EGP 1.76 trillion), gold reserves significantly rose, increasing by USD 379 million (EGP 18.33 billion) to USD 10.3 billion (EGP 498.205 billion), up from USD 9.9 billion (EGP 478.8 billion) in July.
