Al-Wazir inaugurates glass factory, lays foundation stone for new appliance plant at Elaraby Group    New expansion projects, public-private partnerships to modernize, localise industry: El-Shimy    A blaze that exposed Egypt's fragile digital backbone    Al-Sisi attends high-level African summit to strengthen continental coordination, regional integration    Egypt, Mexico discuss environmental cooperation, combating desertification    Egypt launches anti-drug awareness campaign for drivers    Germany faces recruitment hurdles in push to rearm, eyes conscription    HDB expands national footprint with 'Acacia' branch in New Cairo    Lavrov warns against anti-Russia alliances in Asia during North Korea visit    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    S. Korea's c. bank holds base rate at 2.50%    Egypt's annual core CPI inflation eases to 11.4% in June: CBE    Egypt's EDA, Haleon discuss local market support    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    Egypt, Pakistan boost healthcare ties – Cabinet    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's international reserves jump to $40 bln for first time since October: CBE
Doaa A Moneim Published in Ahram Online on 05 - 01 - 2021

Egypt's net international reserves (NIRs) rose to $40.06 billion by the end of December 2020, up from $39.2 billion recorded in October and November, the Central Bank of Egypt announced on Tuesday.
This is the first time the NIRs have increased since October.
In the beginning of November, the CBE announced that Egypt's NIRs witnessed a slight increase in October reaching $39.2 billion, up from $38.4 billion recorded in September.
In September 2019, Egypt's NIRs recorded an all-time high of $45.1 billion, before witnessing a significant drop in March 2020, reaching $40 billion, driven by the unprecedented blow to global financial markets arising from the COVID-19 pandemic.
COVID-19 has caused the sharpest portfolio flow reversal on record for emerging markets, including the Egyptian market, according to the CBE.
As of the end of June 2020, Egypt's NIRs started to bounce back for the first time since March, increasing to $38.2 billion, up from $36 billion in May.
CBE Governor Tarek Amer said in previous statements that mid-June witnessed a strong return of foreign investors to the Egyptian financial market, in light of the global market recovery and the successful efforts by the Egyptian government to contain the pandemic and its repercussions.
He also said that treasury bill auctions have managed to attract 10 percent of foreign investments since June, adding that the Egyptian pound's performance against the US dollar has improved since the beginning of 2020 by 0.66 percent, unlike other currencies in the emerging markets.
Around $10 billion, out of $20 billion, returned to the Egyptian market after exiting it, from March through June, amid the onset of the COVID-19 pandemic, Goldman Sachs said in a recent report.
The report predicted Egyptian expat remittances would see an improvement that will enhance the country's NIRs.
Egypt's foreign exchange reserves are expected to reach $40.5 billion by the end of this quarter, ending in March, according to Trading Economics (TE) macro models and analysts' expectations.
Egypt's foreign exchange reserves are expected to stand at $44 billion in 12 months' time and to jump to around $45.2 billion in 2022, according to TE.

Clic here to read the story from its source.