CBE: Egypt’s Foreign Reserves Hit $40.6Bln in July

On Wednesday, the Central Bank of Egypt (CBE) announced that the country's net foreign reserves rose by approximately $20 million in July, hitting $40.6 billion by the end of July 2021, compared with $40.58 billion recorded in 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.

Since March 2020, CBE has announced using foreign reserves money to cover the Egyptian market's needs of foreign exchange, the drop in foreign investments and international portfolios due to the precautionary measures taken to confront coronavirus.