Cairo – Mubasher: Egypt’s net international reserves amounted to $34.35 billion at the end of February 2023, an annual drop from $40.99 billion.

On a monthly basis, the value registered in February was higher than $34.22 billion at the end of January 2023, according to official data by the Central Bank of Egypt (CBE).

Last month, the Monetary Policy Committee (MPC) of the CBE kept its interest rates unchanged despite the 25-basis-point hike by the US Federal Reserve (Fed) to 4.50%-4.75%.

The overnight deposit and lending rates stood at 16.25% and 17.25%, respectively. Meanwhile, the rate of the main operation was kept at 16.75%.