Egypt's net foreign-exchange reserves reached an all-time high of $46.1Bn in May due to a $35Bn deal with the UAE and pledged assistance of $57Bn.
Egypt's net foreign-exchange reserves reached an all-time high of $46.1Bn by May end, up from $41.1Bn a month earlier. This surge was due to a $35Bn deal with the UAE, which also unlocked further financing from the IMF, EU, etc., bringing total pledged assistance to $57Bn. The UAE's investment helped Egypt recover from a two-year economic crisis, boosting its foreign reserves to record levels.
June 04, 2024
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