The Central Bank of Egypt (CBE) has revealed that Egypt’s international reserves rose to $34.551bn in April 2023, compared to $34.003bn in December 2022, an increase of $548m. The special drawing rights rose to $349m in April 2023, compared to $13m in December 2022, an increase of $336m. The international reserves are the set of foreign assets owned by CBE which includes gold, foreign currencies, reserves with the International Monetary Fund (IMF) and international investments. The currencies that make up Egypt’s foreign reserves include the US dollar, the single European currency, the euro, the pound sterling, the Japanese yen, and the Chinese yuan. The IMF expected that the total international reserves in CBE would rise to about $80bn within five fiscal years.

Source: The North Africa Journal May 07, 2023 07:30 UTC