Cairo Chamber of Commerce

Newsletter

Egypt's net foreign reserves rise for fourth straight month

Newspaper Title: www.zawya.com

Newspaper Number:

Thursday - 5 January 2023

Egypt’s net foreign reserves (NIR) saw a fourth consecutive monthly increase in December, hitting over $34 billion, up from $33.5 billion in November, according to Central Bank of Egypt’s data.

Egypt’s NIR increased in November, despite paying off $1.5 billion of foreign debt, a banking source familiar with the matter revealed in an emailed press release on December 15th.

International reserves stood at $33.523 billion at the end of November, growing by $121 million from $33.411 billion at the end of October.

In December, the executive board of the International Monetary Fund (IMF) approved a 46-month $3 billion loan to Egypt under the Extended Fund Facility (EFF).