Cairo – Mubasher: Egypt’s net international reserves increased for the eighth month in a row to $34.66 billion at the end of May 2023, according to official data by the Central Bank of Egypt (CBE).

On a monthly basis, the value registered in May 2023 was higher than $34.55 billion at the end of April.

However, the recently recorded amount is down from $35.49 billion in May 2022

Last month, HC Securities & Investment forecast the Monetary Policy Committee (MPC) of the CBE to hike its policy rates by 100 basis points (bps) in its 18 May meeting amid difficult economic conditions.

Nonetheless, the MPC decided to keep its interest rates unchanged, citing ease in global inflationary pressures and declining energy prices.