Monthly foreign exchange reserves in Egypt from 2019-2023
As of June 2023, the Central Bank of Egypt (CBE) held 35 billion U.S. dollars as foreign exchange reserves, stable since April 2023. During the period under review, the reserves fluctuated, peaking in February 2020 at 46 billion U.S. dollars. The lowest level was recorded between June 2022 and October 2022 at around 33 billion U.S. dollars. In an attempt to mitigate the monetary risks that could occur due to the coronavirus (COVID-19) pandemic, the CBE managed to secure a 2.774 billion U.S. dollars Rapid Financing Instrument and a 5.2 billion U.S. dollars 12-month Stand-by Arrangement in April and May 2020. Furthermore, the IMF Executive Board approved a three billion U.S. dollars Extended Fund Facility over 46 months in December 2022.