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Egypt's forex reserves hit new peak
The Central Bank of Egypt announced that the country's net foreign currency reserves increased to approximately $57.214 billion by the end of August 2026, reaching a new record high in the nation's history, compared to $56.3 billion in July 2026. Egypt is aiming to increase its reserves by about $7.7 billion during the current fiscal year, up from previous expectations of only $1.3 billion. The reserves, held in major currencies such as the US dollar, euro, and British pound, are used to ensure the availability of essential goods, settle foreign debts, and address economic crises. The rise in reserves is considered a sign of greater economic stability.
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