CAIRO, Egypt’s net foreign reserves edged up by USD 12.9 billion to USD 46.125 bln in May in an unprecedented record surge, announced the Central Bank of Egypt (CBE) on Tuesday.
The figure came in comparison with USD 32.2 billion in 2022, the CBE said in a press release.
The hike in the most populous Arab country’s net foreign reserves is due to fruitful and successive monetary and economic reforms recently adopted by the Egyptian government, according to the release.
This overall figure is enough to cover roughly eight months of commodity imports, and to secure Egypt’s needs for a long period, it added.
Source: Kuwait News Agency