Egypt’s Cabinet announced in an infographic on Saturday that the country’s net foreign reserves have risen from US$20.01 billion in June 2015 to $44.4 billion in June 2019, which has contributed to improving the performance of the Egyptian pound.
The infographic, based on a report by Bloomberg, highlighted the remarkable improvement of the Egyptian currency, now ranked as the second best performing currency in 2019 after having been the second worst performing currency in 2015.
Egypt’s exports jumped to $29.2 billion in 2018, compared to $22 billion in 2015, and remittances of Egyptian workers abroad increased to $25.5 billion in 2018, compared to $18.3 billion in 2015.
The infographic also mentioned that the net foreign direct investment increased to $7.7 billion in 2018/2017, compared to $6.4 billion in 2015/2014, while the current account deficit declined to $6 billion in 2017/2018, compared to $12.1 billion in 2014 / 2015.
The infographic further presented the improvement of Egypt’s credit rating by international financial institutions such as Fitch Ratings, which raised the credit rating from (B) in 2015 to (B+) in 2019 while Moody’s upgraded Egypt’s credit rating from (B3) in 2015 to (B2) in 2019, and Standard & Poor’s improved the credit rating from (B-) in 2015 to (B) in 2018.
Edited translation from Al-Masry Al-Youm