Egypt’s Foreign Exchange Reserves Rose for the sixth month, from USD34.22 Billion in January 2023 to USD34.35 Billion in February 2023.

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Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23JanFeb
Inflation10.5%13.1%13.5%13.2%13.6%14.6%15.0%16.2%18.7%21.3%25.8%31.9%Food48.061.8
Core Inflation10.1%11.9%13.3%14.6%15.6%16.7%18.0%19.0%21.5%24.4%31.2%40.3%Transport
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Egypt’s foreign exchange reserves rose for the sixth month, from USD34.22 billion in January 2023 to USD34.35 billion in February 2023. However, this is 16.2% below its level this time last year of USD40.99 billion as the Central Bank of Egypt has had to step in to support the exchange rate of the Egyptian Pound, which has came under renewed pressure as economic circumstances have taken a turn for the worse and the government had to seek another bailout from the International Monetary Fund to the tune of USD3 billion. While the bailout will bailout no doubt help, Egypt’s finances will remain in a precarious position for a while longer.
Egypt’s inflation rate rose to 31.9% Y/Y in February 2023 from 25.8% previously, driven largely by higher food prices, for which inflation surged from 48.0% in January to 61.8% last month. Transport inflation … In addition, core inflation, which excludes food and energy prices, soared from 31.2% in January to 40.3% in February. The main cause of Egypt’s inflation challenge are the devaluations of the Egyptioan Pound in recent months. As things stand Egypt’s inflation rate is at its highest level since August 2017 and is likely to remain elevated over the next few months.
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