– Egypt’s Central Bank saw a significant surge in net international reserves (NIR) in March 2024, increasing by $5 billion to reach $40.36 billion by month-end, indicating strong economic momentum.

– Compared to previous months, NIR experienced notable growth, jumping from $35.31 billion in February 2024 to $35.24 billion in January, showcasing a consistent upward trend in Egypt’s reserve assets.

– February 2024 witnessed a noteworthy decline in the foreign asset deficit, decreasing by 24.23% month-on-month to EGP 678.98 billion ($14.38 billion) from EGP 896.12 billion ($18.98 billion), reflecting Egypt’s commitment to bolstering financial stability and global economic positioning.

The net international reserves (NIR) held at the Central Bank of Egypt (CBE) experienced a notable increase in March, soaring by $5 billion to reach $40.36 billion by month-end. This surge marks a significant rise from the previous month’s NIR of $35.31 billion, the CBE reported.

At the close of January 2024, Egypt’s NIR stood at $35.24 billion, showing a slight uptick from the December 2023 figure of $35.21 billion.

Additionally, February 2024 witnessed a considerable decrease in the country’s foreign asset deficit, dropping approximately 24.23% month-on-month (MoM) to EGP 678.98 billion ($14.38 billion) from EGP 896.12 billion ($18.98 billion) recorded in January 2024.”

In March 2024, Egypt’s Central Bank recorded a significant boost in its net international reserves (NIR), which surged by $5 billion to a total of $40.36 billion by month-end. This increase reflects a robust trajectory in the country’s foreign currency holdings, indicating positive economic momentum

Comparing this milestone to previous months, February 2024 reported NIR at $35.31 billion, showing a noteworthy jump from the start of the year when NIR amounted to $35.24 billion in January, demonstrating a consistent upward trend in Egypt’s reserve assets.

Moreover, the decline in the foreign asset deficit during February 2024 is noteworthy, marking a 24.23% month-on-month (MoM) reduction to EGP 678.98 billion ($14.38 billion) from the previous month’s figure of EGP 896.12 billion ($18.98 billion).

These developments underscore Egypt’s efforts to bolster its financial stability and enhance its position in the global economic landscape.

 In early March, the Egyptian government confirmed the receipt of $5 billion under an investment partnership agreement with the United Arab Emirates, intended to boost the Ras El-Hekma initiative. Additionally, the Central Bank of Egypt acquired an extra $5 billion on February 28.