USD 71.7 Million Added to Egypt's International Reserves During July
The government aims to bridge an estimated USD 17 billion financing gap until 2026.
According to recent data from the Central Bank of Egypt (CBE), Egypt's net international reserves experienced a modest increase of USD 71.7 million in July 2023. The reserves reached a total of USD 34.87 billion, up from USD 34.8 billion in June.
This upward trend in reserves comes after a challenging period for Egypt's economy, when the country's international reserves had declined to a low point of USD 33.14 billion in August 2022, following a peak of USD 40.9 billion in February 2022.
However, despite the recent increase in reserves, Egypt's net foreign assets deficit grew significantly, surging by over 125% compared to the previous year in June 2023.
The government aims to bridge an estimated USD 17 billion financing gap until 2026, addressing this ongoing challenge.
