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Egypt int'l reserves hit new record at end-May

Egypt's net international reserves (NIRs) rose to $46,3 billion at the end of June, the highest level since the COVID-19 pandemic outbreak.
08.07.24 | Source: Ahram Online

In June, foreign currency reserves inched up to post $36,8 billion, up from $36.5 billion in May, according to the CBE's data.

Meanwhile, gold reserves slightly declined at the end of June to $9.4 billion, down from 9.5 billion recorded in May.

Egypt's international financial institutions and development partners have committed over $57 billion in financial packages for the country amid the ongoing global and regional tensions.

These packages include increasing the ongoing Extended Fund Facility (EFF) loan programme for Egypt by $5 billion to reach $8 billion, $6 billion pledged by the World Bank Group, $8 billion committed by the European Union, and the $35 billion Ras El-Hekma deal the government signed in February with the UAE.

During the Egypt-EU Investment Forum that Egypt hosted on 29-30 June, the two sides sealed an agreement that unlocks 1 billion euros out of the 7.4 billion euros ($8 billion) the union committed to the country.

Replenishing Egypt's NIRs is a key objective under the IMF's loan deal with Egypt.