CBE: Egypt’s Foreign Reserves Surge to $34.55 Bin April

Egypt’s foreign reserves surged to reach $34.551 billion by the end of ِ April 2023, the latest data from the Central Bank of Egypt showed on Wednesday.

This figure reflects a $104 million increase when compared to the $34.447 billion recorded by the end of March 2023.

Foreign currencies in the African country’s net international reserves include the US 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 another development, the head of the Sovereign Fund of Egypt Ayman Soliman revealed that the volume of current investment within the UAE-Egyptian platform amounted to $5 billion out of a total of $20 billion.