The Central Bank of Egypt (CBE) announced Monday an increase in the reserves of foreign currencies by about 30 million dollars.
The CBE put the total reserves of foreign currencies at about 35.249 billion dollars by the end of January, up from 35.219 billion dollars in December.
Egypt’s NIR consist of various currencies such as the U.S. dollar, euro, Australian dollar, Japanese yen, and Chinese yuan. These reserves include foreign exchange, gold, and a variety of international currencies.
The government recently announced its target for an $300 billion increase in its annual foreign currency inflows, which is close to triple the current annual numbers.
The CBE also recently announced that Egypt’s net foreign assets (NFAs) deficit rose to $27.2 billion in December 2023, a slight uptick from November where it recorded $27 billion.
An International Monetary Fund (IMF) delegation has recently visited Egypt to finalize the first and second reviews of Egypt’s reform program that is supported by the IMF’s Extended Fund Facility (EFF).
The IMF mission concluded its visit to Cairo last Thursday, announcing progress in discussions with Egyptian authorities. The mission will continue virtual meetings to determine the necessary additional support to fill the growing financing gap in the country.
