Egypt’s foreign reserves plunge nearly 16.5% YoY in January

The value recorded in the beginning of 2023 was compared to $40.98bln in January 2022

Staff Writer, Mubasher

February 6, 2023

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Cairo – The net international reserves in Egypt shrank by 16.48% year-on-year (YoY) to $34.22 billion at the end of January 2023, according to official data by the Central Bank of Egypt (CBE).

The value recorded in the beginning of 2023 was compared to $40.98 billion in January 2022.

On a monthly basis, Egypt’s foreign reserves rose by 0.65% in January 2023 from $34 billion at the end of December 2022.

Recently, the CBE maintained its interest rates on 2 February despite the 25-basis-point increase by the US Federal Reserve (Fed) to 4.50%-4.75% in February 2023 meeting last week.

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