In September, the CBE said that Egypt's net international reserves soared to $ 46,597 billion by the end of August, compared to $46.49 billion by the end of July.
Egypt’s net international reserves recorded $46.94 billion at the end of October 2024, compared to about $46.74 billion at the end of September 2024, an increase of about $200 million, according to a statement released by the Central Bank of Egypt (CBE).
In September, the CBE said that Egypt's net international reserves soared to $ 46,597 billion by the end of August, compared to $46.49 billion by the end of July.
Egypt's foreign currency reserves consist of a basket of major international currencies, including the US dollar, the Euro, the British pound, the Japanese yen, and the Chinese yuan.
The International Monetary Fund (IMF) will begin the fourth review of Egypt's economic reform program next Tuesday, according to Prime Minister, Mostafa Madbouly, during a press conference held in Cairo with the Managing Director of the IMF, Kristalina Georgieva.
By completing this review, the IMF will disburse a $1.3 billion tranche, which represents the largest of the various tranches.
Earlier in October, the latest Balance of Payments (BoP) data released by the CBE stated that FY2023/2024 recorded a staggering uptick in foreign direct investment (FDI), with Egypt achieving a historic net inflow of $46.1 billion during the fiscal year, compared to the previous FY’s $10 billion.
The largest surge of inflows, approximately $40.5 billion, was recorded in the second half of the fiscal year, mainly due to the execution of the Ras El Hekma agreement valued at $35 billion.
