The Central Bank of Egypt (CBE) announced Sunday an increase in Egypt’s foreign exchange reserves by $72 million during the past month of July, marking the eleventh consecutive monthly increase.
Data published on the central bank’s website showed an elevation in foreign exchange reserves to approximately $34.878 billion at the end of July, compared to $34.806 billion at the end of June.
Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen and Chinese yuan.
The main function of the foreign exchange reserve, including its gold and various international currencies, is to provide commodities, repay the installments on interest rates of external debt, and to cope with economic crises.
In June, Egypt’s net foreign reserves (NIRs) rose by $146 million to reach $34.806 billion (Provisional) in June, up from $34.660 billion in May 2023.
Egypt’s NIRs continue to record positive growth in recent months after the repercussions of the Russia/Ukraine conflict impacted reserves, leading to a shortage in hard currency.
Egypt’s NIRs reached $33.14 billion in August 2022, falling from $40.9 billion recorded in February 2022 prior to the conflict.
Source : Egypt Today
