Central Bank of Egypt Reports Increase in Egypt’s Net Foreign Reserves

Egypt’s net International Reserves (NIR) climbed to USD 46.597 billion (EGP 2.25 trillion) in August from USD 46.49 billion (EGP 2.25 trillion) in July, representing a gain of approximately USD 110 million (EGP 5.32 billion), according to data from the Central Bank of Egypt. Egypt’s NIR, also known as foreign currency assets, are held by the central bank as a safeguard for the nation’s economic stability. It’s comprised of foreign currency assets, gold, and special drawing rights (SDRs) with the International Monetary Fund (IMF), NIR assets, fully under the bank’s control, include deposits and securities abroad, ensuring liquidity for precautionary and transactional needs. While data from the Central Bank of Egypt reports that foreign currency reserves remained largely unchanged in August, rising slightly by USD 9 million (EGP 435.15 million) to stay within the USD 36.3 billion (EGP 1.76 trillion) range, gold reserves saw a significant increase, climbing by USD 379 million (EGP 18.33 billion) to USD 10.3 billion (EGP 498.205 billion), up from USD 9.9 billion (EGP 478.8 billion) in July. Meanwhile, SDRs dropped sharply, falling by USD 282 million (EGP 13.62 billion) to USD 20 million (EGP 967…

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