Egypt's foreign exchange reserves reach historic peak at 55 billion dollars
Key Points
- Egypt's net foreign exchange reserves reached a record of 55.072 billion dollars at the end of June.
- An increase of approximately 2 billion dollars was recorded in these reserves in just one month.
- The first reactor of the El Dabaa Nuclear Power Plant is planned to start generating electricity by the end of 2028.
- With all reactors becoming operational in 2030, the plant is aimed to generate 4.8 gigawatts of electricity.
By the Numbers
Egypt's net foreign exchange reserves reached a historic peak of 55.072 billion dollars as of the end of June. Prime Minister Mostafa Madbuli stated that this figure, announced based on Central Bank data, strengthens the country's financial stability and provides the solid foreign currency needed for future economic obligations.
In just a single month, the reserves experienced a remarkable increase of approximately 2 billion dollars. The Prime Minister noted that this rapid growth reflects the continuous improvement in economic indicators across the country, drawing attention to the fact that inflation rates continue their downward trend despite regional and global challenges.
Meanwhile, parallel to this positive picture in the economy, the energy sector is also passing a significant milestone. It was announced that the first reactor of the El Dabaa Nuclear Power Plant will become operational by the end of 2028, and all four reactors are planned to operate at full capacity as of 2030. The facility, which will reach a capacity of 4.8 gigawatts when completed, is expected to strengthen Egypt's energy supply security.
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Frequently Asked Questions
- How much is Egypt's current net foreign exchange reserve?
- Egypt's net foreign exchange reserves reached the level of 55.072 billion dollars as of the end of June.
- When will the El Dabaa Nuclear Power Plant become operational?
- The first reactor of the plant will start operating by the end of 2028, and all reactors are planned to be fully operational in 2030.
- What will be the electricity generation capacity of the El Dabaa Nuclear Power Plant?
- When completed, the plant will reach an electricity generation capacity of 4.8 gigawatts and will help Egypt reduce its energy import costs.
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