This is the highest recorded level since May, despite the payment of payments related to the country's external indebtedness, explained the CBE
Egypt has enough cash reserves to cover more than five months’ worth of foreign imports, rising for the fourth consecutive time, revealed the Central Bank of Egypt (CBE).
The CBE explained that cash reserves have climbed more than $860 million, hitting $34 billion by the end of December. November 2022 recorded $33.53 billion.
This is the highest recorded level since May, despite the payment of payments related to the country's external indebtedness, explained the CBE.
Egypt received $925 million in foreign currency, increasing the country’s reserve of hard currency. The inflow of foreign currency came from local sources, remittances from Egyptians working abroad, and tourism.
After Wednesday’s depreciation of the EGP, Egypt’s interbank saw an influx of between $600 – 800 million according to multiple media outlets. Reuter’s sources stated that more than $800 million was traded in the interbank market on Wednesday, while state news agency MENA reported between $650-750 million.
On Wednesday, the EGX revealed that Arab investors made net purchases of around $7 billion, around $236 million, in Egyptian Treasury bonds.
