CBE Governor: Egypt’s FX Reserves Cover Nearly 7 Months of Imports

Egypt’s international reserves rose to a record $52.6 billion in January 2026, providing coverage for nearly seven months of merchandise imports, Central Bank Governor Hassan Abdalla said during a meeting with President Abdel Fattah el-Sisi on Saturday.

The reserves position marks a sharp increase from $33.1 billion in August 2022 and is sufficient to cover approximately 6.9 months of goods imports, exceeding internationally recognized adequacy benchmarks, according to the governor.

The meeting also reviewed a surge in the banking sector’s net foreign assets (NFA), which climbed to $25.5 billion in December 2025, the highest level since February 2020.

The improvement was driven primarily by a recovery in commercial banks’ foreign asset positions, which reached $12.2 billion at the end of December. Net foreign assets at the Central Bank of Egypt itself stood at $15.1 billion in January 2026.

The strengthening external position reflects a rebound in remittances from Egyptians abroad, which hit a record high, alongside rising tourism revenues and increased foreign investment, both direct and portfolio flows, into Egyptian government debt instruments.

Abdalla also highlighted upgrades in Egypt’s credit outlook from global rating agencies. S&P Global Ratings raised Egypt’s long-term sovereign credit rating to “B” from “B-” with a stable outlook, the first upgrade in seven years. Meanwhile, Fitch Ratings affirmed Egypt’s long-term foreign-currency rating at “B” with a stable outlook.

Presidential spokesperson Mohamed El-Shennawy said Sisi stressed the importance of continuing efforts to curb inflation through careful monitoring of policy measures aimed at stabilizing markets and ensuring the availability of essential goods.

The president also called for strengthening frameworks that support financial stability, transparency and sustainable growth, while expanding incentives to capitalize on emerging economic opportunities.

Emphasis was also placed on enabling the private sector to play a larger role in driving growth and attracting further investment inflows.