Egypt’s foreign exchange reserves rose last November, by $121 million to $33.532 billion, amid the continuing pressures of foreign currency shortage in the country.
The Central Bank of Egypt said in a statement, on Tuesday, that foreign exchange reserves rose from $33.411 billion at the end of last October.
On an annual basis, Egypt’s foreign exchange reserves declined by 18 percent, down from $40.909 billion at the end of November 2021.
Since the outbreak of the Russian-Ukrainian war, Cairo has suffered from the exit of part of the hot money in Egyptian debt instruments, in addition to the high cost of imports, due to the high prices of energy, food and raw materials.
