Net international reserves rose to $35,311 million at the end of February 2024, compared to $35,250 million at the end of last January, a monthly increase estimated at about $61 million, according to a report issued by the Central Bank of Egypt (CBE).
Egypt's foreign exchange reserves increased by $1.691 billion during the period from October 2022 to October last year.
Foreign exchange reserve is the amount of foreign currency held by the central bank of a particular country, such as the US dollar, euro, pound sterling, or any other foreign currency. It is used to ensure stability of the local currency, finance imports and international payments, as well as to counter rapid fluctuations in the foreign exchange market.
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