{"id":326468,"date":"2022-12-15T09:49:19","date_gmt":"2022-12-15T09:49:19","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=326468"},"modified":"2022-12-15T09:49:19","modified_gmt":"2022-12-15T09:49:19","slug":"egypts-net-foreign-reserves-surge-for-the-third-month-in-a-row-and-the-highest-since-june-2022","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/12\/15\/egypts-net-foreign-reserves-surge-for-the-third-month-in-a-row-and-the-highest-since-june-2022\/","title":{"rendered":"Egypt\u2019s Net Foreign Reserves Surge for the Third Month in a Row and the highest since June 2022"},"content":{"rendered":"

For the third month in a row, Egypt\u2019s net foreign reserves have witnessed an increase, despite paying off $1.5 billion of foreign debt in November 2022, a banking source with knowledge said on Wednesday.\u00a0<\/span><\/p>\n

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\u201cFor several decades, Egypt has proven its commitment to paying off its foreign debts. The country has never missed a payment to its creditors,\u201d added the source.<\/p>\n

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\u201cThe size of external debt is still at safe levels, as the debt-to-GDP ratio is at around 34.1%, while the maximum risky limit amounts to around 50%. The Egyptian banking sector has managed to secure dollar liquidity worth more than $5.3 billion from November until mid-December,\u201d the source noted.<\/p>\n

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In November, Egypt\u2019s net foreign reserves reached $33.523 billion, from $33.411 billion at the end of October, marking an increase of $121 million and thereby witnessing a successive growth of $390.4 million during the last three months and reached highest level since June 2022.<\/p>\n

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Out of the 33.523 bio dollar reserves , Egypt\u2019s gold reserves, a major component of foreign cash reserves, also rose to $7,078 billion at the end of November from $6,612 billion at the end of October. In addition, foreign currencies listed in the country\u2019s foreign reserves reached $26.444 at the end of November.<\/p>\n

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The country\u2019s dollar-dominated resources are surging. This was evident through its exports which grew 53.1% to $43.9 billion during the financial year that ended in June 2022. In addition, the foreign direct investment inflows surged to around $9 billion. Furthermore, Egypt\u2019s tourism revenues rose 121.1% to $10.7 billion, while its revenues from the Suez Canal reached $7 billion in 2021\/2022<\/p>\n

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For the third month in a row, Egypt\u2019s net foreign reserves have witnessed an increase, despite paying off $1.5 billion of foreign debt in November 2022, a banking source with knowledge said on Wednesday.\u00a0<\/p>\n","protected":false},"author":2,"featured_media":321424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[],"class_list":["post-326468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main"],"yoast_head":"\nEgypt\u2019s Net Foreign Reserves Surge for the Third Month in a Row and the highest since June 2022 - egy-africa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2022\/12\/15\/egypts-net-foreign-reserves-surge-for-the-third-month-in-a-row-and-the-highest-since-june-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s Net Foreign Reserves Surge for the Third Month in a Row and the highest since June 2022 - 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