Egypt’s net FX reserves surge by $13.5b in 2 years – CBE

Egypt’s net international foreign exchange reserves have experienced a significant boost, increasing by $13.5 billion over the past two years. As of September 2024, the reserves stood at $46.737 billion, up from $33.142 billion in August 2022, according to recent data by the Central Bank of Egypt (CBE)

Egypt has witnessed successful economic reforms and increased foreign direct investment. A major contributor to this surge was the Ras El Hekma project, a joint venture with the UAE, which is expected to attract over $150 billion in investments.

Egypt’s foreign reserves play a crucial role in securing essential commodities, servicing external debt, and addressing potential economic crises.

Attribution: CBE