Egypt’s Foreign Reserves Reach $49 Billion in July, the Highest in Years

Egypt’s Foreign Reserves Reach $49 Billion in July, the Highest in Years

Egypt’s net international reserves reached $49 billion at the end of July, an increase of 0.6% from June. This is the highest level of foreign reserves Egypt has seen in several years.

Growth in Foreign Reserves

According to the Central Bank of Egypt, reserves have grown by about $1.2 billion in the past three months. In May, they stood at $47.8 billion.

A key reason for this rise is the increase in remittances—money sent home by Egyptians living abroad. In April, remittances rose by 39% compared to last year, reaching $3 billion. Between January and April, total remittances jumped 72.3% to $12.4 billion, up from $7.2 billion during the same period in 2024.

Egypt depends on foreign reserves to pay for imports and repay debts. The government is working to improve the economy, attract foreign investors, and reduce inflation.

Other main sources of foreign currency include income from the Suez Canal, tourism, and foreign direct investment (FDI). While remittances were over $31 billion in 2021, they fell to about $22 billion in the last two years.

Big Investment News

In 2024, Egypt and the UAE were among the top 10 countries worldwide for attracting FDI, according to UNCTAD. Egypt came in ninth, drawing in $47 billion.

Trade Update

Egypt’s trade deficit dropped by 17.8% in May, reaching $3.4 billion, according to CAPMAS. Exports increased by 4.6% year-on-year to $4.25 billion, while imports fell by 6.7% to $7.7 billion.

Export growth came from strong sectors:

• Petroleum products rose by 53.5%

• Ready-made clothes grew by 32.8%

• Pasta and food products rose by 21.7%

However, crude oil exports dropped by 48.3%.

Import declines were seen in:

• Petroleum products down 20.3%

• Raw iron and steel down 34%

At the same time, some imports increased due to higher demand:

• Natural gas imports rose by 93%

• Medicines up 19.1%

• Passenger cars up 14.5%

Looking Ahead

Egypt plans to increase its annual exports to $115.8 billion by 2030 as part of its national economic strategy.

Published: 6th August 2025

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