{"id":630750,"date":"2024-07-07T00:00:00","date_gmt":"2024-07-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/07\/this-evening-fx-reserves-peak-to-usd-46-4-bn\/"},"modified":"2024-07-07T00:00:00","modified_gmt":"2024-07-07T00:00:00","slug":"this-evening-fx-reserves-peak-to-usd-46-4-bn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/07\/this-evening-fx-reserves-peak-to-usd-46-4-bn\/","title":{"rendered":"THIS EVENING: FX reserves peak to USD 46.4 bn"},"content":{"rendered":"

Good afternoon, folks, and happy Sunday. <\/strong>Another shorter business week kicks off and we look forward to another long weekend. As you may know the whole nation will be off on Thursday 11 July, in observance of the Islamic New Year.<\/p>\n

And that includes us folks here at EnterprisePM Egypt<\/strong>, who will be taking a break from your inboxes this Thursday and will be back on Sunday afternoon.<\/p>\n

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THE BIG STORY TODAY<\/p>\n

FX reserves reach new record high:<\/strong> Egypt\u2019s net foreign reserves increased by around USD 260 mn in June to reach just under USD 46.4 bn, surpassing last month\u2019s record high of USD 46.1 bn, according to central bank figures<\/a>.<\/p>\n

ICYMI: <\/strong>Last month\u2019s figures topped their pre-Covid peak<\/a> of USD 45.5 bn after the final tranche of the Ras el Hekma funds landed in state coffers in mid-May. The USD 20 bn<\/a> 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 of Egypt, and brought our reserves to their highest level on record.<\/p>\n

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THE BIG STORY ABROAD<\/p>\n

Elections in the EU have been dominating the headlines this past week, today by <\/strong>France\u2019s parliamentary run-offs.<\/strong> Ballots are indicating that the country\u2019s eurosceptic far-right party, the National Rally (RN), may come out on top. Experts believe that while the party may grab the most seats in the National Assembly, an absolute majority is still beyond their reach. But a hung parliament is still bad news for President Emmanuel Macron, creating space for a detrimental divide in parliament and in the economy. Last week, Macron\u2019s centrist Renaissance Party and the left-wing New Popular Front pulled candidates out of the race to pool votes in an attempt to curb a RN win. Initial projections are expected to be announced tonight. (Reuters<\/a> | CNBC<\/a>)<\/p>\n

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