$34.35 billion.. Egypt's foreign exchange reserves in February

Egypt's foreign exchange reserves rose to $34.35 billion in February.

Egypt's international reserves recorded $34.224 million in January, according to data from the Central Bank of Egypt, to rise in February by nearly $130,000.

Egypt is waiting for an increase in foreign inflows in the coming period to rebuild its foreign exchange reserves.

The GCC countries, led by Saudi Arabia and the UAE, promised to pump $10 billion into the Egyptian economy.

However, this pumping has not happened yet, waiting for the Gulf states to implement the reforms recommended by the International Monetary Fund in a real and effective manner, before pumping money, investing and buying shares in Egyptian companies.

Net foreign assets and money supply

Central Bank data showed that net foreign assets amounted to negative 654.43 billion pounds, from negative 494.3 billion at the end of December. It decreased by approximately 160.2 billion pounds, due to the maturity of debts and the liquidation of backlogs at ports by importers.

This means a decrease of up to $1.7 billion, based on central bank exchange rates at the end of the month, according to Reuters.

Money supply increased

The money supply increased by 31.6% year-on-year in January. The money supply amounted to 7.73 trillion Egyptian pounds ($252.8 billion) in January, compared to 5.87 trillion pounds in the same month last year.

The past year witnessed several moves by the Central Bank in terms of reducing the exchange rate of the local currency.