The Central Bank of Egypt (CBE) announced on Wednesday a slight increase in foreign reserves to reach $40.343 billion by the end of April, compared to $40.337 billion a month earlier, up $6 million.
The foreign reserves had increased to record about $40.337 billion by the end of March compared to about $40.200 billion by the end of February, an increase of $137 million.
Ahead of the pandemic's outbreak, CBE reached unprecedented record levels, the highest in the history of Egypt, as it reached about $45.510 billion in February 2020.
Foreign currencies in Egypt’s foreign reserves consist of a basket of the main international currencies, which are the US dollar, the single European currency “euro”, the pound sterling, the Japanese yen, and the Chinese yuan, distributed on the basis of the exchange rates of these currencies and their stability in international markets.
The primary function of the foreign exchange reserve at the CBE, with its components of gold and various international currencies, is to provide basic commodities and pay the premiums and benefits of foreign debt, as well as confronting economic crises in exceptional circumstances.
Follow the latest news on Google News
