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HomeAfricaCBE: Foreign Reserves Jump to $40.36 Billion | Sada Elbalad

CBE: Foreign Reserves Jump to $40.36 Billion | Sada Elbalad


Wed 03 Apr 2024 | 07:22 PM

The Central Bank of Egypt (CBE) headquarters, Cairo, Egypt. File Photo

The Central Bank of Egypt (CBE) headquarters, Cairo, Egypt. File Photo

Taarek Refaat

The Central Bank of Egypt (CBE) announced that the volume of net foreign reserves increased by $5 billion at the end of March to reach $40.36 billion, compared to $35.3 billion, month-on-month.

Economic analysts attributed this increase to Egypt receiving payments from the deal to develop the Ras al-Hekma region.

The Egyptian government announced last month that it had received payments from the value of the Ras al-Hikma deal amounting to $5 billion, expecting the cash reserves in foreign currencies at the Central Bank of Egypt to continue to rise to exceed $50 billion in the coming months with the increase in foreign cash flows to Egypt.