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Egypt’s foreign reserves increased in October by US$214 million, to record US$33.4 billion, according to the Central Bank of Egypt (CBE). In early October, the CBE said that the net foreign exchange reserves increased by US $56 million or 0.16 percent during September.
Egypt’s foreign reserves increased in October by US$214 million, to record US$33.4 billion, according to the Central Bank of Egypt (CBE). In early October, the CBE said that the net foreign exchange reserves increased by US $56 million or 0.16 percent during September. The net foreign currency reserves reached US$33.197 billion by the end of September 2022, compared to US$33.141 billion recorded in August 2022.
Foreign currencies in Egypt’s bouquet of 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 cope with economic crises.
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Egypt’s foreign exchange reserves jumped from US$31.3 billion during the 2016-2017 fiscal year to about US$44.3 billion during the 2017-2018 fiscal year. Then, it continued to rise during the 2018-2019 fiscal year to reach US$44.5 billion, before it dwindled on account of the coronavirus crisis and its repercussions.
