{"id":622369,"date":"2024-06-05T00:00:00","date_gmt":"2024-06-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/foreign-reserves-soar-to-all-time-high-following-ras-el-hekma-funds\/"},"modified":"2024-06-05T00:00:00","modified_gmt":"2024-06-05T00:00:00","slug":"foreign-reserves-soar-to-all-time-high-following-ras-el-hekma-funds","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/foreign-reserves-soar-to-all-time-high-following-ras-el-hekma-funds\/","title":{"rendered":"Foreign reserves soar to all-time high following Ras El Hekma funds"},"content":{"rendered":"

FX reserves blow past pre-pandemic levels:<\/strong> Net foreign reserves increased by a little over USD 5 bn in May, up from USD 41.1 bn in April<\/a>, and hitting a record USD 46.1 bn, according to central bank figures<\/a>.<\/p>\n

A fresh high: <\/strong>May\u2019s figures top their pre-Covid peak<\/a> of USD 45.5 bn after the final tranche of the Ras el Hekma funds landed in state coffers. That\u2019s their highest level on record, according to data compiled by Bloomberg<\/a>.<\/p>\n

ICYMI: <\/strong>Abu Dhabi wealth fund ADQ delivered the second tranche<\/a> of the landmark USD 35 bn Ras El Hekma agreement<\/a> in mid-May. The USD 20 bn tranche consisted of USD 14 bn in fresh inflows and USD 6 bn in the form of a previous UAE deposit at the central bank.<\/p>\n

And they\u2019re expected to continue their ascension 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 said<\/a> last month.<\/p>\n

More to come:<\/strong> The USD 15 bn first tranche of the Ras El Hekma agreement gave the central bank the buffer it needed to float the EGP and hike rates by 600 bps<\/a>, a move that helped attract FX liquidity back to the official banking system and paved the way for more foreign funding. Egypt has over the past few months lined up some USD 57 bn worth of foreign support \u2014 including the IMF\u2019s expanded USD 8 bn package<\/a>, the EUR\u2019s 7.4 bn package<\/a>, and <\/a>USD 6 bn<\/a> in financing from the World Bank.<\/p>\n","protected":false},"excerpt":{"rendered":"

FX reserves hit USD 46.1 bn at the end of May<\/p>\n","protected":false},"author":1,"featured_media":622370,"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":[271,104,72,655,7388],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-622369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-foreign-reserves","tag-ras-el-hekma","wpautop","entry"],"acf":{"mongo_id":"158bbd33-f164-4ec5-ad13-e78e83b10a40","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/406.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s foreign reserves soar to all-time high following Ras El Hekma funds","related_issue":[622362],"teaser":"FX reserves hit USD 46.1 bn at the end of May","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.df472269-b43a-4d73-af25-ea32d78e2c53.mp3"},"yoast_head":"\nForeign reserves soar to all-time high following Ras El Hekma funds - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/foreign-reserves-soar-to-all-time-high-following-ras-el-hekma-funds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreign reserves soar to all-time high following Ras El Hekma funds\" \/>\n<meta property=\"og:description\" content=\"FX reserves hit USD 46.1 bn at the end of May\" \/>\n<meta property=\"og:url\" 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Egypt\u2019s reserves had increased USD 3 mby n in July, after jumping USD 116 mn in\u2026","rel":"","context":"In "Economy"","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":664814,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/07\/foreign-reserves-increase-by-usd-387-mn-in-april-to-usd-48-1-bn\/","url_meta":{"origin":622369,"position":4},"title":"Foreign reserves increase by USD 387 mn in April to USD 48.1 bn","author":"enterpriseam admin","date":"7 May 2025","format":false,"excerpt":"Net foreign reserves have increased by USD 12.8 bn since the Ras El Hekma agreement and EGP float","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/1752.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563551,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/07\/slowly-but-surely-2\/","url_meta":{"origin":622369,"position":5},"title":"Slowly but surely","author":"enterpriseam admin","date":"7 July 2021","format":false,"excerpt":"FX reserves slightly up in June: Egypt\u2019s foreign currency reserves inched up by almost USD 116 mn June to USD 40.58 bn from USD 40.47 bn in May, according to official figures released by the the Central Bank of Egypt yesterday. FX reserves rose by almost USD 125 mn in\u2026","rel":"","context":"In "Economy"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622369","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=622369"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622369\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/622362"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/622370"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=622369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=622369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=622369"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=622369"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=622369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}