Egypt’s foreign reserves jump to $33.4 bn in October

Increasing by about $213 mn
Egypt’s foreign reserves jump to $33.4 bn in October
Egypt's foreign reserves

According to data released today by the Central Bank of Egypt (CBE), the country’s foreign reserves increased by about $213 million by the end of October, reaching $33.411 billion.

The increase in Egypt’s monetary reserve comes just a few days after the country reached an agreement with the IMF on a loan that had been pending for several months.

Read more: Egypt reaches $3 bn IMF deal

Following the agreement, the Egyptian pound’s price in relation to foreign currencies was liberalized, leaving it to supply and demand.

According to current exchange rates, the Egyptian pound has fallen by 52.2 percent since the start of the flotation process on March 20, 2022, when it fell from 15.7 pounds against the dollar.

The Egyptian pound has lost approximately 22.5 percent since the liberalization of exchange rates several days ago, falling from 19.7 pounds to the dollar to current levels near 24.25 pounds to the dollar.