foreign currency reserves

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Report: Egyptian Lawmakers Hail Parliament’s Endorsement of Pact to Join BRICS Bank

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Egyptian lawmakers recently hailed the parliament’s endorsement of a pact that allows the country to join the New Development Bank, a report has said. According to the report, the lawmakers believe joining this BRICS-backed institution will help Egypt reduce its demand for dollars and enable it to preserve its forex reserves. Joining BRICS Following the … Read more

Nearly $1 Billion Poured Into Egypt’s Forex Market — Local Currency Now World’s Worst Performing Currency in 2023

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The Egyptian central bank recently claimed that its decision to devalue the local currency has been vindicated by foreign investors’ return to the country’s foreign market where they reportedly poured in $925 million in just three days. The surge in the sales of Egyptian treasury bills that mature in a year or less similarly is … Read more