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.
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.
