Egypt net int'l reserves jump to $47.4 bln by end of February: CBE - Economy
The Central Bank of Egypt (CBE) announced Tuesday that the country's net international reserves (NIRs) climbed to $47.4 billion at the end of February, up from $47.26 billion in January.
This marks the highest reserve level recorded since data tracking began in 1992, continuing a steady upward trend since September 2022.
NIRs, which encompass foreign currencies, gold, and other financial assets after deducting foreign liabilities, are a crucial measure of a nation's ability to meet international financial commitments.
They provide vital support for stabilizing the national currency, funding imports, and servicing external debt during economic uncertainty.
This latest increase follows a consistent rise in reserves over recent months. In December 2024, NIRs reached a record $47.1 billion, a $157 million increase from November.
Egypt's foreign exchange reserves grew by $11.9 billion year-on-year in 2024, significantly surpassing the $35.22 billion recorded in December 2023.
The International Monetary Fund's (IMF) third review of Egypt's financial programme projected further growth, anticipating NIRs would climb to $66.5 billion by FY2028/2029.
Egypt has also strengthened its financial position through major funding agreements, including securing $57 billion in financial packages from international institutions and development partners.
Furthermore, Egypt finalized a $35 billion deal for the Ras El-Hekma project in 2024, marking its most significant foreign direct investment (FDI) in history.
The country also received the third tranche of its $8 billion IMF loan in July 2024 and a 1 billion euro payment in March as part of its 7.4 billion euro agreement with the European Union.
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