The Central Bank of Egypt said, in a statement on Thursday, that the cash reserve rose to $34.928 billion in August from $34.879 billion in July, an increase of $49 million.
Over the past three years, public finances in Egypt have been under great pressure in light of a persistent shortage of foreign currency accompanied by a sharp increase in the money supply.
The Egyptian currency has lost about half of its value against the dollar since March 2022, after the Ukrainian crisis revealed weaknesses in its economy. A $3 billion loan approved by the International Monetary Fund in December has defaulted because of Egypt’s slow pace of selling state assets and a flexible exchange rate.
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