Latest news with #internationalreserves
Zawya
6 days ago
- Business
- Zawya
Egypt's central bank announces $48.5bln net foreign reserves, higher remittances
Cairo – The net international reserves (NIR) of Egypt hit $48.52 billion at the end of May 2025, according to the Central Bank of Egypt (CBE). The CBE's data also showed that remittances from Egyptians working abroad hiked by 82.70% year-on-year (YoY) to $26.40 billion in the July 2024 to March 2025 period from $14.40 billion. In the third quarter (Q3) of the fiscal year (FY) 2024/25, the remittances' value jumped by 86.60% YoY to nearly $9.40 billion from $5 billion. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Yahoo
26-05-2025
- Business
- Yahoo
Euro could become the dollar's alternative, says Lagarde
STORY: :: ECB President says the changing international landscape is an opportunity for a 'global euro moment' :: Berlin, Germany :: May 26, 2025 :: Christine Lagarde, ECB President "The ongoing changes create the opening for a global euro moment and this is a prime opportunity for Europe to take greater control of its own destiny. But let's not fool ourselves. It is not a privilege that will be bestowed upon us because of who we are, what we stand for, and the values we uphold. It will have to be earned, together. // Any change in the international order that leads to lower world trade or fragmentation into economic blocs will be detrimental to our economy. Sad. Yes but with the right policy responses, there could also be opportunities. The changing landscape could open the door for the euro to play a greater international role." Unnerved by erratic U.S. economic policy, global investors have been reducing their exposure to dollar assets in recent months but many have opted for gold instead, not seeing a direct alternative. The dollar's role has been on the decline for years and now makes up 58% of international reserves, the lowest in decades, but still well above the euro's 20% share. Europe should make the euro the currency of choice for businesses invoicing international trade, she said. This could be supported by forging new trade agreements, enhanced cross-border payments and with liquidity agreements with the ECB. Sign in to access your portfolio
