25 Aug 2021

Egypt has been allocated USD2.8bn in SDRs (Special Drawing Rights) from the IMF (International Monetary Fund). The current SDR allocation by the IMF is its largest ever at USD650bn, with the goal of providing liquidity to the global economic system. This is hoped to be achieved by bolstering the foreign currency reserves of countries and reducing their dependence on more expensive forms of debt. SDRs are a form of international reserve currency aimed at supplementing the foreign currency reserves of countries. While they are not actual currencies, they serve as an alternative to the two global reserve assets, USD and gold, and help countries to reduce their dependence on expensive debt used for reserves build-up.

(Source: IMF (English), Arab Finance (English) (Arabic), Amwal al-Ghad (English), Zawya (English), al-Maal, al-Shurouk)