A responsible source at the bank said that Egypt made payments related to external debt in December and November 2022.

Last December, Egypt paid about $1 billion, while last November it paid about $1.5 billion, bringing the total payment of foreign obligations for two months to $2.5 billion.

The source said in statements to the Middle East News Agency that despite the obligation to pay foreign liabilities, foreign exchange reserves increased by more than $470 million during December to a record $34 billion, the highest level since May 2022. .

The source indicated that the Central Bank’s cash reserves record growth for the fourth month in a row, bringing the total increase for the period from September to December 2022 to $860 million.

He noted that the cash reserve currently covers 5.4 months of Egypt’s foreign imports, which exceeds reserve adequacy ratios in line with international standards.

Central Bank data showed an increase in the value of Egypt’s external debt by about $12.3 billion in the first quarter of this year compared to what it was at the end of December 2021, i.e. by 8.5%.

According to the latest data published by the Central Bank on its website, Egypt’s external debt rose to about $155.7 billion at the end of March last year, compared to about $145.5 billion at the end of December 2021 (October to December).

Source: agencies

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Robin Jackson is the editor-in-chief at 24PalNews. As an editor and author who covers business and finance, Robin shares the latest business news, trends, and insights with his extensive audience.

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