Egypt’s foreign reserves drop 19% due to economic crisis caused by Russia-Ukraine war

Egypt’s public budget is facing a major deficit due to the increase in expenditures and national currency depreciation.
A view of construction work ongoing at the business and finance district of the New Administrative Capital megaproject, some 45 kilometers east of Cairo, Egypt, Aug. 3, 2021.
A view of construction work ongoing at the business and finance district of the new administrative capital megaproject, some 45 kilometers east of Cairo, Egypt, Aug. 3, 2021. - Khaled Desouki/AFP via Getty Images
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A correspondent in Egypt

CAIRO — Egypt’s net foreign reserves decreased by $236 million in July compared to June 2021, reaching $33.14 billion, according to an official statement issued by the Central Bank of Egypt.

As a result of the global economic crisis and Russia's war on Ukraine, the country’s foreign exchange reserves have dropped by $7.8 billion over the past seven months, registering a 19% decrease, compared to $40.93 billion at the end of December 2021.

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