Egypt's foreign exchange reserves rose for the fifth consecutive month to $34.224 billion in January from $34.003 billion in December, an increase of $221 million.
Egypt made payments related to external debt in December, amounting to about $ 1 billion, while it had repaid about $ 1.5 billion in the previous November, bringing the total repayment of external obligations to $ 2.5 billion in two months. But despite the commitment to repay external obligations, foreign exchange reserves increased by more than $470 million in December, to more than $34 billion, the highest level since May 2022.
The Central Bank of Egypt's cash reserves increased for the fourth consecutive month, bringing the total increase during the period from September to December 2022 to $ 860 million. The cash reserves currently cover 5.4 months of Egypt's foreign imports, exceeding reserve adequacy measures according to international standards.
Source (Al-Arabiya.net, Edited)
