Egypt’s international reserves inch up to $40.98 bln

According to the CBE’s latest figures, the Egyptian expatriates’ remittances increased from January to October 2021 by $1.9 billion to post $26.4 billion.

Last week, the CBE published data showing tourism sector revenues earnings edged up to $2.8 billion in the first quarter of FY2021/2022, up from $801 million in the corresponding quarter of FY2020/2021.

Foreign direct investment (FDI) also climbed by 3.7 percent in the Q1 of FY2021/22 to reach $1.6 billion, while investments into the securities portfolio reached $3.6 billion, which both raised total investments to $6 billion, up from $3.9 billion in the same quarter of FY2020/21, according to CBE.

Moreover, FDI inflows in the oil sector grew in Q1 of FY2021/22 to post $489.2 million, up from $75.3 million in the Q1 of FY2020/21, CBE’s data showed.

FDI flows in developing economies inched up by 30 percent to record roughly $870 billion, according to a report issued by the United Nations Conference on Trade and Development’s (UNCTAD) Investment Trends Monitor in January.