USD 71.7 Million Added to Egypt's International Reserves During July

According to recent data from the Central Bank of Egypt (CBE), Egypt's net international reserves experienced a modest increase of USD 71.7 million in July 2023. The reserves reached a total of USD 34.87 billion, up from USD 34.8 billion in June.

This upward trend in reserves comes after a challenging period for Egypt's economy, when the country's international reserves had declined to a low point of USD 33.14 billion in August 2022, following a peak of USD 40.9 billion in February 2022.

However, despite the recent increase in reserves, Egypt's net foreign assets deficit grew significantly, surging by over 125% compared to the previous year in June 2023.

The government aims to bridge an estimated USD 17 billion financing gap until 2026, addressing this ongoing challenge.