Since the $35 billion Ras El Hikma deal earlier this year, Egypt’s net foreign reserves have jumped by $11.2 billion in the past 5 months, providing the central bank with the opportunity to float the pound with a strong buffer.
The continued surplus follows a shift from a deficit to a surplus in May – which marked the first time the country’s NFAs were in the green since February 2022
Foreign currency reserves dipped slightly from $36.9 billion in June to $36.3 billion last month
Despite Egypt’s recent significant payments to pay off outstanding debts, the country’s growing international reserves display a positive trend in the economy’s recovery
The combined financial position of banks operating within the Egyptian market, excluding the central bank, rose to EGP 17.896 trillion in March, a significant climb from EGP 14.2 trillion recorded in December 2023 - an increase of EGP 3.695 trillion
