Egypt's foreign reserves slightly increase to the highest level in 7 months

Egypt's net international reserves (NIRs) rose by $470 million to hit nearly $34 billion in December 2022, compared to $33.5 billion in November, the Central Bank of Egypt (CBE) announced on Tuesday.

According to CBE's previous data, the NIRs registered $33.4 billion in late October, $33.19 billion in September, and $33.14 billion posted in August.

This is also the highest level since May 2022, recorded at about $35.5 billion.

As a result of the ramifications of the Russian-Ukrainian war, the NIRs dropped in March to $37 billion down from $40.9 billion in February.

The NIRs rose slightly in April to $37.1 billion, but dropped in May to $35.5 billion. The CBE attributed the decline during that month to the cost of repaying of foreign debts and financial commitments ( $2 billion).

The international reserves recorded $33.1 billion in July and $33.3 billion at the end of June