UPDATE: Egypt’s net FX reserves surge to $48.53b in May – CBE Data

Egypt’s net foreign exchange reserves rose to $48.53 billion at the end of May, up from $48.14 billion in April, according to data released by the Central Bank of Egypt (CBE) on Wednesday.

The reserves increased by $382 million, marking a 0.8 per cent rise on a monthly basis.

The continued uptick in reserves reflects improved external liquidity and growing investor confidence, bolstered by major foreign inflows, asset sales, and progress on Egypt’s ongoing economic reform programme.

The reserve build-up also comes amid increased remittance inflows, a recovering tourism sector, and enhanced access to multilateral financing following recent agreements with the International Monetary Fund (IMF) and development partners.

Attribution: Amwal Al Ghad English