{"id":638013,"date":"2024-08-07T00:00:00","date_gmt":"2024-08-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/07\/foreign-reserves-hit-a-fresh-high-of-usd-46-5-bn-in-july\/"},"modified":"2024-08-07T00:00:00","modified_gmt":"2024-08-07T00:00:00","slug":"foreign-reserves-hit-a-fresh-high-of-usd-46-5-bn-in-july","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/07\/foreign-reserves-hit-a-fresh-high-of-usd-46-5-bn-in-july\/","title":{"rendered":"Foreign reserves hit a fresh high of USD 46.5 bn in July"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Foreign reserves<\/strong><strong> continue their ascent:<\/strong> Net foreign reserves edged up by USD 105 mn in July to just under USD 46.5 bn, surpassing the previous record high USD 46.4 bn <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2968f09b-5bfe-4038-8218-740e6b646363\" style=\"\" rel=\"noopener\">recorded in June<\/a>, according to the <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/en\/news-publications\/news\/2024\/08\/06\/12\/29\/net-international-reserves-at-the-end-of-july-2024\" style=\"\" rel=\"noopener\">Central<\/a><a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/en\/news-publications\/news\/2024\/08\/06\/12\/29\/net-international-reserves-at-the-end-of-july-2024\" style=\"\" rel=\"noopener\">Bank<\/a><a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/en\/news-publications\/news\/2024\/08\/06\/12\/29\/net-international-reserves-at-the-end-of-july-2024\" style=\"\" rel=\"noopener\">of Egypt<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Here\u2019s the breakdown<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/519.jpg\" style=\"\" rel=\"noopener\">CBE data<\/a>:<\/p>\n<ul>\n<li><strong>Foreign currency reserves<\/strong> edged down to USD 36.3 bn in July from USD 36.9 bn in June.<\/li>\n<li><strong>Gold reserves<\/strong> inched up to USD 9.9 bn in July from USD 9.5 bn the month before.<\/li>\n<li><strong>Special drawing rights <\/strong>grew almost 25x to USD 302 mn in July from USD 12 mn in June.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sound smart:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/About\/Factsheets\/Sheets\/2023\/special-drawing-rights-sdr\" style=\"\" rel=\"noopener\">Special drawing rights (SDRs)<\/a> are international reserve assets created by the IMF. While they are not a currency, they are a form of international money that can be used by countries to supplement their official reserves. They are primarily used for IMF transactions, such as repaying loans or increasing quotas.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the up and up:<\/strong> Egypt's net foreign reserves have increased by about USD 11.2 bn in the five months since the government announced the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">USD 35 bn Ras El Hekma agreement<\/a>, which gave the central bank the buffer it needed to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac569e2c-c6f2-480e-bdaa-3f1cd4f81d05\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac569e2c-c6f2-480e-bdaa-3f1cd4f81d05\/\" style=\"\" rel=\"noopener\">float the EGP<\/a>, helping attract FX liquidity back to the official banking system and paving the way for more international funds. Foreign reserves stood at nearly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98fd7df8-7e83-42c6-a867-b40af8430539\" style=\"\" rel=\"noopener\">USD 35.3 bn in February<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No signs of slowing down: <\/strong>The third USD 820 mn tranche of our expanded USD 8 bn IMF loan program <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad4cb2a3-8dfe-45b4-acb9-548662259bc0\/\" style=\"\" rel=\"noopener\">landed in state coffers last week<\/a> after the IMF Executive Board <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b783a33c-54f4-403e-bbb3-d45168e55bab\/\" style=\"\" rel=\"noopener\">greenlight<\/a> the third loan review, which also allows us to apply for an additional USD 1.2 bn in long-term, low-cost climate financing from the IMF's Resilience and Sustainability Facility.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We have more incoming:<\/strong> The government has EUR 5 bn worth of concessional loans from the EU <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/183954ef-4dc7-49c8-9499-743e77de1e74\/eu-pledges-eur-7.4-bn-aid-package-for-egypt\" style=\"\" rel=\"noopener\">coming its way<\/a> by 2027, with the first EUR 1 bn in macro-financial assistance <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c67f2ad8-4f77-49f0-a22b-1b1045c492dc\/egypt-is-in-line-for-fresh-funds-from-the-eu,-eib,-germany,-ebrd\" style=\"\" rel=\"noopener\">set to land<\/a> in state coffers during the second half of 2024. The World Bank has also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/19bac262-1a66-4b6e-af15-3fd23f52c1e2\/%253cmark%253eworld-bank%253c%2Fmark%253e-pledges-usd-6-bn-financing-package-for-egypt\" style=\"\" rel=\"noopener\">earmarked<\/a> USD 3 bn for the government over the next three years to support the government\u2019s economic and structural reforms, social protection programs, and green transition, with the first USD 700 mn trance recently <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08ac86e0-4ca3-41c5-9625-b8cef2fd97e9\/%253cmark%253eworld-bank%253c%2Fmark%253e-greenlights-usd-700-mn-in-development-financing\" style=\"\" rel=\"noopener\">greenlit<\/a> by the bank.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A look into Fitch\u2019s crystal ball:<\/strong> Credit rating agency Fitch Ratings <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\">expects<\/a> Egypt\u2019s foreign currency reserves to reach USD 49.7 bn in the current fiscal year and USD 53.3 bn in the next.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt's net foreign reserves have increased by about USD 11.2 bn since February<\/p>\n","protected":false},"author":1,"featured_media":638014,"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],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-638013","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","wpautop","entry"],"acf":{"mongo_id":"da3bffa7-161d-4448-b0cc-489eecfea934","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/544.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s foreign reserves hit a fresh high of USD 46.5 bn in July","related_issue":[638005],"teaser":"Egypt's net foreign reserves have increased by about USD 11.2 bn since February","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.d61a761d-9e6f-4381-8c9d-78323a4d5227.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Foreign reserves hit a fresh high of USD 46.5 bn in July - 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\/08\/07\/foreign-reserves-hit-a-fresh-high-of-usd-46-5-bn-in-july\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreign reserves hit a fresh high of 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