Egypt’s net foreign reserves rose to $35.249 billion at the end of January 2024, according to what the Central Bank of Egypt showed on Monday.
Egypt’s net foreign reserves at the end of last December amounted to about 35.219 billion dollars.
Egypt, which relies heavily on imports, is experiencing difficulty in providing dollar liquidity to meet its needs, with two delays in reviewing a program that the government signed with the International Monetary Fund in December 2022, to obtain a loan worth $3 billion, from which it obtained only one tranche.
Thus, Egypt’s foreign exchange reserves increased by about $30 million, reaching its highest monthly level since the beginning of 2023.
On an annual basis, Egypt’s foreign exchange reserves increased by about 3% to $35.249 billion at the end of January 2024, compared to $34.224 billion at the end of January 2023.
Development of Egypt’s foreign reserves in 2023 and 2024
(According to Central Bank data)
January: $34.224 billion
February: $34.352 billion
March: $34.447 billion
April: $34.551 billion
May: $34.660 billion
June: $34.806 billion
July: $34.879 billion
August: $34.928 billion
September: $34.970 billion
October: $35.102 billion
November: $35.173 billion
December: $35.219 billion
January 2024: $35.249 billion
