Africa-Press. Egypt’s net foreign currency reserves rose to $53.134 billion by the end of May, compared to approximately $53.01 billion in April of the current year, according to data announced by a local source on Sunday.
The foreign reserves of Egypt, according to the local source, consist of:
– A basket of major currencies including the US dollar, euro, British pound, Japanese yen, and Chinese yuan.
– Gold.
– Securities.
– Special Drawing Rights from the International Monetary Fund.
This comes at a time when several sources of hard currency in the country have improved, notably remittances from Egyptians working abroad, tourism revenues, the Suez Canal, and foreign direct investment.
Remittances from Egyptians working abroad increased by 32% during the first nine months of the fiscal year 2025-2026, reaching approximately $34.9 billion, compared to about $26.4 billion during the same period of the previous fiscal year, according to previous data from the local source.
Data on migrant remittances show a rise in one of the most important sources of foreign currency in Egypt, as the country seeks to enhance dollar liquidity and reduce pressures on the balance of payments and the exchange market.
The governor of the local source stated earlier that the current foreign reserves are sufficient to cover 6.3 months of imports and represent about 158% of short-term external debt.
