Egypt’s net foreign reserves rise to $44.4bn in June

Egypt’s net foreign reserves have risen to $44.4 billion last June from $20.01 billion during the same month in 2015, which has contributed to improving the Egyptian pound performance, the Cabinet said in an infographic on Saturday.

The infographic, based on a report by Bloomberg, highlighted the remarkable improvement of the Egyptian currency, now ranked as the second best performing currency in 2019 after having been the second worst performing currency in 2015.

Egypt’s exports jumped to $29.2 billion in 2018, compared to $22 billion in 2015, and remittances of Egyptian workers abroad increased to $25.5 billion in 2018, compared to $18.3 billion in 2015.

During the financial year 2017/2018, the net foreign direct investment increased to $7.7 billion against  $6.4 billion during the financial year 2014/2015  while the current account deficit dropped to $6 billion in 2017/2018 versus $12.1 billion in 2014/2015, the infographic added.

The infographic further presented the improvement of Egypt’s credit rating by international financial institutions such as Fitch Ratings, which raised the credit rating from (B) in 2015 to (B+) in 2019 while Moody’s upgraded Egypt’s credit rating from (B3) in 2015 to (B2) in 2019, and Standard & Poor’s improved the credit rating from (B-) in 2015 to (B) in 2018.

Source: Al-Masry Al-Youm