Egypt’s net foreign reserves jump to $33.411 billion in October – CBE

Egypt’s net foreign reserves increased to around $33.411 billion at the end of October from $33.197 billion (806 trillion Egyptian pound) at the end of September, recording an increase of $214 million, the central bank announced on Thursday.

The Central Bank of Egypt (CBE) aims to rebuild stronger foreign exchange reserves to be doubled within four years, its governor Hassan Abdalla said in a statement last week.

Last week, CBE decided to take reform measures to ensure macroeconomic stability and achieve sustainable and comprehensive economic growth.

The exchange rate will reflect the value of the Egyptian pound against other foreign currencies by supply and demand forces under a flexible exchange rate system, giving priority to the central bank’s primary objective of stabilising prices.

This will enable the CBE to work on the formation and maintenance of adequate levels of international reserves.

CBE has issued binding instructions on sustainable financing to strengthen the role of banking sector in achieving the state’s vision and propelling the transition towards a green economy and addressing environmental and social risks.

This came align with the national direction to achieve the SDGs in the light of the Vision 2030, and believing in the important role of sustainable financing in supporting financial and banking stability.

Last week, the International Monetary Fund (IMF) has announced it had reached with authorities in Egypt a staff-level agreement on comprehensive economic policies and reforms to be supported by a 46-month $3 billion Extended Fund Facility (EFF) arrangement.