Egypt's Foreign Exchange Reserves Jump to more than $46.1 Billion

Egypt's net international foreign exchange reserves increased during the month of May, jumping by $5.068 billion, on a monthly basis.

Data from the Central Bank of Egypt (CBE) showed on Tuesday that foreign exchange reserves rose to $46.125 billion at the end of May, compared to $41.057 billion at the end of April, and $40.361 billion in March.

In mid-May, the Egyptian government announced that it had received the second installment of the deal to develop Ras El Hekma City, worth $14 billion, in addition to starting procedures to waive $6 billion for its equivalent in Egyptian pounds.

It is noteworthy that Egypt's total foreign exchange reserves jumped by the end of March to a value exceeding $5 billion, reaching $40.361 billion, compared to $35.311 billion last February.

The increase in reserves comes with the support of Egypt signing the largest direct investment deal through an investment partnership, between the Ministry of Housing, represented by the New Urban Communities Authority, and the Abu Dhabi Developmental Holding Company of the Emirates to implement the development project for the city of Ras El Hekma on the northwest coast.