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.
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