Egypt’s NIR rises slightly in December 2023

The CBE has been taking various steps to increase its international reserves amid a shortage in foreign currency that caused a discrepancy between official and parallel exchange rates of local currency.

It is worth noting that around $15 billion of the central bank’s international reserves are deposits by Arab countries.

In the past few months, the UAE has renewed a $1 billion deposit at the CBE for three years to 1 July 2026, while Kuwait prolonged the tenor of a $4 billion deposit.