Last week, Fitch Ratings expected Egypt’s foreign currency reserves to reach $49.7 billion in the current fiscal year and $53.3 billion in the next fiscal year
Foreign assets rose by $3.5 billion while the CBE’s foreign liabilities decreased by $3.9 billion
Egypt’s NFA deficit plummeted to 65.38 billion EGP 65.38 billion at the end of March, compared to EGP 270.65 billion in February and EGP 352.49 billion at the end of January
The report emphasized the need to watch for sustained moves toward more FX flexibility, anticipating positive outcomes like increased FX inflows, reserve accumulation, and macroeconomic stabilization.
The Central Bank of Egypt announced that the net international reserves (NIR) reached $35.310 billion at the end of February 2024
