Egypt’s foreign reserves hit an all-time high topping $45.117 billion at the end of September, the Central Bank of Egypt (CBE) said in an Oct. 1 statement. Higher foreign reserves are expected to boost the local currency. However, to maintain that high level of reserves, economists tip the government to encourage industrialization to boost exports in the long run, given rising foreign debt, which edged up to $106.2 billion at the end of March, up from $96.6 billion at the end of December 2018.
In September, the country’s international reserves rose by $149 million from $44.969 billion in August, according to the CBE. Economists say the floating pound has been a radical turnaround as the Egyptian financial and monetary authorities have launched a raft of economic reforms since November 2016.