Cairo – Mubasher: The net international reserves (NIR) at the Central Bank of Egypt (CBE) rose by around $690 million to more than $41.05 billion at the end of April 2024 from $40.36 billion in March.

The recent increase brought reserves to its highest level since February 2020, more than four years ago, when it amounted to $45.51 billion, according to the CBE’s data.

It is worth noting that the country's foreign asset deficit decreased to EGP 678.98 billion ($14.38 billion) in February from EGP 896.12 billion ($18.98 billion) in January.

Egypt is expected to add $16.20 billion to its NIR during the fiscal year (FY) 2024/2025, said a report by JPMorgan.