Egypt’s international reserves inches up to the highest level in 7 months

by Asmaa Elwahy

Egypt’s international reserves inches up to the highest level in 7 months

According to CBE’s previous data, the NIRs registered $33.4 billion in late October, $33.19 billion in September, and $33.14 billion posted in August.

This is also the highest level since May 2022, recorded at about $35.5 billion.

As a result of the Russian-Ukrainian conflict, the NIRs fell to $37 billion in March, down from $40.9 billion in February.

The NIRs increased slightly in April to $37.1 billion but fell to $35.5 billion in May. The CBE attributed the drop to the cost of repaying foreign debts and financial commitments ($2 billion) during that month.

The international reserves recorded $33.1 billion in July and $33.3 billion at the end of June.

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