Egypt forex reserves rise to 53B

Egypt's net international reserves rose to $53.13 billion by the end of May, marking a monthly increase of approximately $125 million, continuing its ascent for the 45th consecutive month. The data reflects an improvement in the components of the reserve, particularly with increased inflows from remittances by Egyptian expatriates, foreign direct investments, and tourism revenues, despite a decline in the global gold price. This growth indicates an enhancement in the quality of the reserve and the Egyptian economy’s ability to meet external obligations.

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