Egypt’s cash reserves cover 5.4 months of the foreign imports, which exceeds the measures of reserve adequacy according to international standards, the Central Bank of Egypt (CBE) revealed.
The CBE stated, in a statement issued today, Monday, that Egypt’s cash reserves continued to rise for the fourth month in a row, to achieve an increase of more than $860 million during that period, reaching $34 billion at the end of December, compared to $33.53 billion at the end of November.
The reserve recorded at the end of December its highest level since May 2022, despite the payment of payments related to the country’s external indebtedness, according to the CBE.
The Central Bank referred, in a statement, to the large increase in banks’ foreign exchange earnings, whether from the local market, or the proceeds of remittances from Egyptians abroad, as well as from the tourism sector.
Moreover, Foreign investors’ entry into the Egyptian market has also been monitored since last Wednesday, with amounts exceeding $925 million.
Source: Egypt Today Magazine