The reserves include around $26.7 billion in foreign currencies, $7.95 billion in gold, and $27 million in special drawing rights (SDRs)
Egypt’s net international reserves were recorded as $34.66 billion at the end of May 2023, revealed the Central Bank of Egypt (CBE) earlier today, an increase of $109.2 million compared to April’s recorded $34.55 billion.
The country’s net international reserves continue to recover after hitting its lowest recording in August 2022 at $33.14 billion, falling from $40.9 billion in February 2022.
The reserves include around $26.7 billion in foreign currencies, $7.95 billion in gold, and $27 million in special drawing rights (SDRs).
For its April report, the CBE explained that foreign currency reserves hit $26.1 billion, gold at $8 billion, with SDRs recording $349 million.
SDRs are international reserve assets created by the International Monetary Fund to supplement the official reserves of its member countries.
Egypt’s net foreign assets (NFAs) deficit jumped to EGP755.68 billion in March 2023, according to a previous report.
In a session at Parliament last week, Minister of Planning and Economic Development, Hala El Said, announced that net foreign direct investments reached around $11 billion, with non-petroleum exports pulling in approximately $32 billion.
