Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

CBE: Egypt's Foreign Reserves Rises to $35.173 Billion

Fri 08 Dec 2023 | 07:09 AM
The Central Bank of Egypt headquarters
The Central Bank of Egypt headquarters
Taarek Refaat

The Central Bank of Egypt (CBE) revealed that its net foreign reserves increased during the month of November to record $35.173 billion, compared to recording $35.102 billion, an increase of $71 million.

Egypt imports the equivalent of an average of $7 billion a month in goods and products from abroad, with an annual total estimated at more than $70 billion. Therefore, the current average foreign exchange reserve covers about 5 months of merchandise imports to Egypt, which is higher than the global average of about 3 months, ensuring Egypt’s needs for basic and strategic commodities

Egypt's foreign reserve consists of a basket of major international currencies, including the US dollar, the single European currency euro, the British pound, the Japanese yen, and the Chinese yuan. It is a percentage of which Egypt's holdings are distributed based on the exchange rates of those currencies and the extent of their stability in international markets, and it changes according to a plan drawn up by Officials of the Central Bank of Egypt.