CBE: Foreign Reserves Increase to $40.934 Billion

The Central Bank of Egypt (CBE) announced an increase in its net foreign exchange reserves by $24 million by the end of December 2021.

The central bank said that the net international reserves of foreign exchange recorded at the end of 2021 about $40.934 billion, compared to $40.91 billion, year-on-year.

Egypt's foreign exchange reserves jumped from $31.3 billion during the FY2016/17 to about $44.3 billion during the 2017/18 fiscal year, then continued to rise during the FY2018/19 to record $44.5 billion, before declining in the coronavirus outbreak and the precautionary measures it imposed.