{"id":643385,"date":"2024-09-08T00:00:00","date_gmt":"2024-09-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/08\/foreign-reserves-continue-their-upward-cruise-coming-in-at-usd-46-6-bn-in-august\/"},"modified":"2024-09-08T00:00:00","modified_gmt":"2024-09-08T00:00:00","slug":"foreign-reserves-continue-their-upward-cruise-coming-in-at-usd-46-6-bn-in-august","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/08\/foreign-reserves-continue-their-upward-cruise-coming-in-at-usd-46-6-bn-in-august\/","title":{"rendered":"Foreign reserves continue their upward cruise, coming in at USD 46.6 bn in August"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Net foreign reserves reached a new high of USD 46.6 bn at the end of <\/strong><strong>August 2024,<\/strong> up USD 108 mn from July\u2019s record figure of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/da3bffa7-161d-4448-b0cc-489eecfea934\/foreign-reserves-hit-a-fresh-high-of-usd%253cmark%253e-46.5-bn%253c%2Fmark%253e-in-july\" style=\"\" rel=\"noopener\">USD 46.5 bn<\/a>, according to CBE <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/473.jpg\" style=\"\" rel=\"noopener\">data<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Here\u2019s the breakdown, according to CBE data:<\/strong><\/p>\n<ul>\n<li><strong>Foreign currency reserves<\/strong> remained essentially flat, edging up by 9 mn and staying in the USD 36.3 bn bracket in August.<\/li>\n<\/ul>\n<ul>\n<li><strong>Gold reserves<\/strong> rose by 379 mn to USD 10.3 bn, up from USD 9.9 bn in July.<\/li>\n<\/ul>\n<ul>\n<li><strong>Special drawing rights<\/strong> brought the count down, falling by USD 282 mn to USD 20 mn, down from USD 302 mn in July.<\/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<\/a> \u2014 also known as SDRs \u2014 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>This is a good sign after a rocky start to August: <\/strong>A global market meltdown in early August saw foreign investors sell some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c16ca815-9aae-4f2d-ba91-2ebe08015c72\/pm-madbouly-addresses-last-week%25e2%2580%2599s-global-markets-meltdown\" style=\"\" rel=\"noopener\">USD 600 mn<\/a> worth of local debt instruments as they poured their capital into safe-haven assets. However, Prime Minister Moustafa Madbouly was at pains to emphasize that these hot money outflows represented <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c16ca815-9aae-4f2d-ba91-2ebe08015c72\/pm-madbouly-addresses-last-week%25e2%2580%2599s-global-markets-meltdown\" style=\"\" rel=\"noopener\">no more than 7-8%<\/a> of foreign investors\u2019 holdings of our debt instruments and that they had been paid out in market liquidity, not the CBE\u2019s FX reserves.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>With this latest data release from the central bank, Egypt\u2019s net foreign reserves have increased by almost USD 11.3 bn in the six 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\">float the EGP<\/a>, helping attract FX liquidity back to the official banking system and paving the way for more international funds. In February \u2014 the month immediately before the float \u2014 foreign reserves stood at <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98fd7df8-7e83-42c6-a867-b40af8430539\" style=\"\" rel=\"noopener\">USD 35.3 bn<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FX reserves seem to have weathered early August\u2019s global market meltdown<\/p>\n","protected":false},"author":1,"featured_media":643386,"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-643385","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":"5f9ef715-4889-4f26-916a-e4a2027d67c2","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1361.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s foreign reserves continue their upward cruise, coming in at USD 46.6 bn in August","related_issue":[643370],"teaser":"FX reserves seem to have weathered early August\u2019s global market meltdown","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.944e4e58-31fc-45e1-b49a-696f4f20a45f.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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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 &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":575951,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/04\/egypt-adds-usd-800-mn-to-foreign-reserves-in-october\/","url_meta":{"origin":643385,"position":1},"title":"Egypt adds USD 800 mn to foreign reserves in October","author":"enterpriseam admin","date":"4 November 2020","format":false,"excerpt":"Egypt adds USD 800 mn to foreign reserves in October: Egypt\u2019s foreign reserves grew for the fifth consecutive month in October, climbing to USD 39.22 bn from USD 38.43 bn in September, according to central bank figures released yesterday. Reserves fell by some USD 10 bn between March and May\u2026","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":[]},{"id":574381,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/08\/fx-reserves-rise-slightly-in-august\/","url_meta":{"origin":643385,"position":2},"title":"FX reserves rise slightly in August","author":"enterpriseam admin","date":"8 September 2020","format":false,"excerpt":"FX reserves rise slightly in August: Foreign reserves rose in August for the third month running, coming in at USD 38.37 bn from USD 38.31 in July, according to central bankfigures released yesterday. The country has added a little over USD 2 bn to its stockpiles over the past three\u2026","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":[]},{"id":598791,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/egypts-foreign-reserves-inch-up-in-may\/","url_meta":{"origin":643385,"position":3},"title":"Egypt\u2019s foreign reserves inch up in May","author":"enterpriseam admin","date":"9 June 2019","format":false,"excerpt":"Foreign reserves inch up to USD 44.27 bn at end-May: Egypt added USD 112 mn to its reserves base in May to close the month at USD 44.274 bn compared to USD 44.218 bn at end-April, the central bank said. The central bank had made debt payment of USD 406\u2026","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":[]},{"id":563551,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/07\/slowly-but-surely-2\/","url_meta":{"origin":643385,"position":4},"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 &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":564048,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/04\/reserves-barely-inch-up-in-july\/","url_meta":{"origin":643385,"position":5},"title":"Reserves barely inch up in July","author":"enterpriseam admin","date":"4 August 2021","format":false,"excerpt":"FX reserves increase marginally in July: Egypt\u2019s foreign currency reserves inched up to USD 40.61 bn in July from USD 40.58 bn in June, according to official figures released by the Central Bank of Egypt today. FX reserves rose by almost USD 116 mn in June.Reserves are still about USD\u2026","rel":"","context":"In &quot;SPEED ROUND: ECONOMY&quot;","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-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\/643385","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=643385"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/643385\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/643370"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/643386"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=643385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=643385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=643385"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=643385"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=643385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}