Egypt’s foreign reserves rose to $34.003 billion in December

The Central Bank of Egypt revealed on Tuesday that Egypt’s net foreign reserves increased to $34.003 billion in December from $33.332 billion in November 2022, according to Reuters.

Thus, Egypt’s foreign reserves increased by $671 million in a month.

Last month, the International Monetary Fund approved a $3 billion financial support package for Egypt for 46 months, adding it would catalyze about $14 billion in additional funding.

The fund’s statement said the package includes a system of flexible exchange rates and strengthening social safety nets to protect the most vulnerable.

The statement adds that the agreement allows for the immediate disbursement of $347 million to Egypt to support Egypt’s balance of payments and general budget.