{"id":619646,"date":"2024-05-08T00:00:00","date_gmt":"2024-05-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/08\/foreign-reserves-hit-their-highest-level-in-over-four-years\/"},"modified":"2024-05-08T00:00:00","modified_gmt":"2024-05-08T00:00:00","slug":"foreign-reserves-hit-their-highest-level-in-over-four-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/08\/foreign-reserves-hit-their-highest-level-in-over-four-years\/","title":{"rendered":"Foreign reserves hit their highest level in over four years"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>FX reserves hit their highest since pre-pandemic levels:<\/strong> Net foreign reserves increased by USD 696 mn from the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba6cd6f8-8fac-40b6-9b6c-49edf4aa4f64\/foreign%253cmark%253e-reserves%253c%2Fmark%253e-jump-above-usd-40-bn-thanks-to-ras-el-hekma\" style=\"\" rel=\"noopener\">month before<\/a>&nbsp;to USD 41.1 bn at the end of April, reaching their highest level in more than four years, according to <a target=\"_blank\" href=\"https:\/\/cbe.org.eg\/en\/news-publications\/news\/2024\/05\/07\/11\/26\/net-international-reserves-at-the-end-of-april-2024\" style=\"\" rel=\"noopener\">central bank figures<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And they\u2019re expected to rise even more in the coming months: <\/strong>Credit rating agency Fitch Ratings expects Egypt\u2019s foreign currency reserves to reach USD 49.7 bn in the current fiscal year and USD 53.3 bn in the next, the agency <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/70ab4109-b896-4fb8-9620-7d7ca7246084\/fitch-upgrades-egypt%25e2%2580%2599s-sovereign-credit-rating-outlook-to-positive\" style=\"\" rel=\"noopener\">said<\/a> last week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving inflows: <\/strong>The nation\u2019s coffers continue to reap the benefits of the USD 35 bn Ras ElHekma agreement, the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c56ceb8-55ac-4055-b827-61334472f26c\/el-sisi%25e2%2580%2599s-address-announcing-the-arrival-of-the-first-tranche-of-ras-el-hekma-funds-dominated-the-airwaves-last-night\" style=\"\" rel=\"noopener\">first USD 15 bn tranche<\/a> of which was delivered in February. This was shortly followed by the central bank floating the EGP and hiking rates by 600 bps, which helped attract FX liquidity back to the official banking system. The International Monetary Fund also approved a decision to let the state immediately draw around USD 820 mn after approving an expanded USD 8 bn loan program <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0f153a1-4a27-4cda-9c1d-6dfc4681517b\" style=\"\" rel=\"noopener\">last month<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More where that came from: <\/strong>Egypt has a whole lot of funds coming in over the next few months, including EUR 1 bn from the EU\u2019s EUR 7.4 bn package before the summer and USD 14 bn from the Ras El Hekma agreement that was expected to arrive by 30 April, but it\u2019s not clear if this has already arrived or when it will arrive if its still in the pipeline.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All in all:<\/strong> Egypt has lined up a total of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48abf1bf-911b-4e73-acb1-3970be5f9bc4\/after-securing%253cmark%253e-world-bank-%253c%2Fmark%253epackage,-we%25e2%2580%2599re-now-looking-at-usd-57-bn-in-inflows\" style=\"\" rel=\"noopener\">USD 57 bn of finance over the past few months<\/a>, which will trickle in over a period of years as we meet reform milestones or as investments reach financial close.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FX reserves hit USD 41.1 bn in April<\/p>\n","protected":false},"author":1,"featured_media":619647,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[271,7106,104,72,655],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-debt","tag-economy","tag-enterpriseam","tag-foreign-reserves","wpautop","entry"],"acf":{"mongo_id":"68ca4c8a-4e37-4ea8-9dd8-4f98cb328540","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/442.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s foreign currency reserves hit their highest level since February 2020","related_issue":[619639],"teaser":"FX reserves hit USD 41.1 bn in April","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.b7fc7759-cf2a-449d-807c-9fa229fa5c64.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Foreign reserves had made a significant comeback in December, rising by almost USD 800 mn to their highest level since April. The FX stockpile had fallen\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/88.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559056,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/06\/were-stocking-up-on-greenbacks\/","url_meta":{"origin":619646,"position":2},"title":"We\u2019re stocking up on greenbacks","author":"enterpriseam admin","date":"6 January 2021","format":false,"excerpt":"Foreign reserves reached their highest level since April last month, rising almostUSD 800 mn in December to top USD 40 bn, according to central bank figures released yesterday. This was the largest monthly increase in 2020.Foreign reserves came under serious pressure amid the sell-off in emerging markets earlier this year:\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592499,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/07\/egypts-foreign-reserves-continue-to-rise-in-july\/","url_meta":{"origin":619646,"position":3},"title":"Egypt\u2019s foreign reserves continue to rise in July","author":"enterpriseam admin","date":"7 August 2023","format":false,"excerpt":"Foreign reserves inched up to USD 34.88 bn","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/274.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567771,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/07\/fx-reserves-hold-the-line-in-november\/","url_meta":{"origin":619646,"position":4},"title":"FX reserves hold the line in November","author":"enterpriseam admin","date":"7 December 2020","format":false,"excerpt":"Egypt\u2019s foreign currency reserves were broadly stable in November, inching up a modest USD 1.8 mn to USD 39.2 bn, according to Central Bank of Egypt figures. October had seen the largest monthly increase in foreign currency reserves this year, with FX holdings shooting up by USD 800 mn. Foreign\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/114.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597829,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/06\/egypts-fx-reserves-reach-usd-44-218-bn-at-end-april\/","url_meta":{"origin":619646,"position":5},"title":"Egypt\u2019s FX reserves reach USD 44.218 bn at end-April","author":"enterpriseam admin","date":"6 May 2019","format":false,"excerpt":"Egypt\u2019s foreign reserves were essentially unchanged at USD 44.218 bn at the end of April, up slightly from USD 44.112 bn the previous month, the central bank announced yesterday.","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=619646"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619646\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/619639"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/619647"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=619646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=619646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=619646"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=619646"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=619646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}