The Central Bank of Egypt revealed that net foreign exchange reserves increased to about $ 34.352 billion at the end of February, compared to $ 34.224 billion at the end of January, a slight increase of $ 128 million.
Central Bank statistics showed a decline in the value of gold listed in foreign exchange reserves during the month of February, reaching about $ 7.372 billion, compared to $ 7.773 billion at the end of January 2023, a decrease of $ 401 million. Thus, Egypt's foreign exchange reserves fell by 16 percent in 14 months, from $ 40.93 billion at the end of December 2021, a decrease of $ 6.578 billion.
The deposits of 4 Gulf countries, namely the UAE, Saudi Arabia, Kuwait, and Qatar, recorded about $ 27.961 billion in the Central Bank of Egypt, equivalent to about 81.4 percent of the country's total monetary reserves, which are short, medium and long-term deposits, distributed by $ 13 billion short-term, and $ 14.961 billion medium and long-term. UAE deposits accounted for the largest share of GCC deposits with $10.661 billion, divided between 5 billion short-term deposits and $5.661 billion medium- and long-term deposits. Saudi Arabia's deposits ranked second with $10.3 billion, divided between $5 billion short-term deposits, $5.3 billion medium and long-term deposits, Kuwait deposits of $4 billion (medium and long-term), and Qatar's $3 billion (short-term).
Source (Al-Araby Al-Jadeed Newspaper, Edited)
