Egypt's net foreign exchange reserves fell slightly during the month of August, as the government makes every effort to secure a support agreement with the International Monetary Fund and attract more investment from its Gulf allies.
The Central Bank of Egypt announced on Wednesday, in a statement, that net reserves amounted to $ 33.142 billion last month compared to $ 33.143 billion last July, the lowest level since June 2017, .
Egypt is striving to shore up its economy after the Russian war in Ukraine led to higher food and fuel import bills, and stimulated the exit of foreign portfolio investors from the domestic debt market.
The government has said it is making reassuring progress in talks with the International Monetary Fund (IMF) on the so-called "Extended Fund Facility."
Monthly reserve data is being closely followed amid speculation about how Egypt, with the largest Arab population, will deal with the external financing gap and debt obligations.
Pressure on the Egyptian pound is also mounting even after the government devalued it by about 15 percent in March, with economists and analysts arguing that it needs further cuts.
It comes as the wealthy Gulf states have pledged more than $22 billion in deposits and investments to help Egypt weather economic shocks caused by the conflict in Ukraine. So far, however, only a fraction of those investments have been made.
