$121 million.. An increase in foreign exchange cash reserves in Egypt

Foreign currency reserves rose for the third month in a row, despite the payment of $1.5 billion in payments related to the country's foreign indebtedness.

The monetary reserve in Egypt has increased despite the fact that Egypt is committed - and for many decades - to paying its external debts, as it has never defaulted on paying its debts, indicating that the volume of external debt is still within safe limits, relative to the gross domestic product, which is estimated at 34.1%. While the maximum risk limits are estimated at 50%.

On the other hand, the banking system succeeded in securing more than $5.3 billion in dollar liquidity from November to mid-December.

Foreign exchange reserves

Foreign exchange reserves rose during last November, by about $121 million, to reach $33.532 billion, compared to about $33.411 billion during the previous October, to achieve successive increases during the last 3 months, at a value of $390.4 million.

The rise in the value of gold

The value of gold listed in foreign exchange reserves rose to $7.078 billion at the end of November 2022, compared to $6.612 billion at the end of last October, and the value of foreign currencies listed in cash reserves amounted to about $26.444 billion at the end of last November.

High rate of export growth

The country's dollar resources are witnessing a continuous improvement, which was evident in the increase in the growth rate of Egyptian exports by 53.1% during the last fiscal year ending in June 2022, to record $43.9 billion.

Foreign investment flows

Foreign direct investment flows also increased, to nearly $9 billion, and tourism revenues increased by 121.1%, to reach $10.7 billion, in addition to the significant increase recorded in the revenues of the Suez Canal, which amounted to about $7 billion during the fiscal year 2021/2022.