Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

CBE: Foreign Currency Reserves Climb to $41 Billion by End of April

Tue 07 May 2024 | 04:23 PM

On Tuesday, the Central Bank of Egypt (CBE) announced that the nation's net foreign currency reserves have reached $41 billion as of the end of April 2024, marking a significant increase of approximately $700 million from $40.36 billion at the end of March 2024.

Egypt imports an average of $5 billion worth of goods and products monthly, totaling over $55 billion annually. With the current reserve levels, Egypt can cover approximately eight months of commodity imports. This coverage far exceeds the global average, which typically provides for about three months of imports. This robust reserve is crucial for securing Egypt’s needs for essential and strategic goods.

The components of Egypt's foreign reserves include a diversified portfolio of major international currencies such as the US dollar, Euro, British pound, Japanese yen, and Chinese yuan. The distribution of these holdings is strategically adjusted based on the exchange rates and stability of these currencies in the international markets, as planned by the officials at the Egyptian Central Bank.