Egypt FX reserves increases to $34.224B in Jan/ Egypt Supports exporter companies by LE 42.5B/ Egyptian non-oil private sector declines to 2-year low

Egypt's foreign reserves increases to $34.224B in January

• Egypt’s net international reserves (foreign reserves) increased to $34.224 billion by the end of January 2023, marking an increase of about $222 million, according to the Central Bank of Egypt (CBE).
• Egypt's cash reserves had increased to $34.002 billion at the end of December, compared to $33.53 billion at the end of November.

Egypt’s balance of payments hits $523.5M surplus by end of September: CBE

• Egypt’s balance of payments recorded an overall surplus of $523.5 million by the end of September 2022, according to the Central Bank of Egypt (CBE).
• The CBE attributed the surplus to the growing revenues of tourism, Suez Canal as well as petroleum and non-petroleum exports.

Suez Canal achieves highest monthly revenue in its history in January at $802 million

Chairman of the Suez Canal Authority (SCA) Osama Rabie said on Thursday the international waterway achieved in January the highest monthly revenue in its history, reaching $802 million, surpassing the record achieved in August by $56.4 million.

Egypt spends LE 42.5B in export support for 2,500 companies

Several initiatives to reimburse the export burdens due to exporters have been launched with the Export Development Fund since October 2019 with the disbursement of LE 42.5 billion to 2,500 companies as an export support, the Finance Minister announced.

Egyptian non-oil private sector declines to 2-year low

Egypt's purchasing managers' index (PMI) for the non-oil private sector declined by 1.7 points in January to 45.5, down from 47.2 in December – one of the swiftest deteriorations in the last 26 months – according to Standard and Poor's (S&P) Global.