Egypt's International Reserves Inches Up to The Highest Level in 7 MonthsSource: www.export-egypt.com 1/3/2023, Location: Africa |
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Egypt's net international reserves (NIRs) rose by $470 million to hit nearly $34 billion in December 2022, compared to $33.5 billion in November, the Central Bank of Egypt (CBE) announced .
According to CBE's previous data, the NIRs registered $33.4 billion in late October, $33.19 billion in September, and $33.14 billion posted in August. This is also the highest level since May 2022, recorded at about $35.5 billion. As a result of the ramifications of the Russian-Ukrainian war, the NIRs dropped in March to $37 billion down from $40.9 billion in February. The NIRs rose slightly in April to $37.1 billion, but dropped in May to $35.5 billion. The CBE attributed the decline during that month to the cost of repaying of foreign debts and financial commitments ( $2 billion). The international reserves recorded $33.1 billion in July and $33.3 billion at the end of June. |
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