Today, Tuesday, the Central Bank of Egypt reported that Egypt’s net foreign exchange reserves increased to $34.003 billion in December from $33.332 billion in November 2022, Reuters reported.
Thus, Egypt’s gold and foreign exchange reserves increased by $671 million over the month.
Last month, the International Monetary Fund approved a $3 billion bailout package for Egypt for 46 months, adding that it would catalyze about $14 billion in additional funding.
The fund said in a statement that the package includes a flexible exchange rate system and strengthening social safety nets to protect the most vulnerable.
The statement added that the agreement allows for an immediate allocation of $347 million to Egypt to support Egypt’s balance of payments and its overall budget.