Egypt’s net foreign reserves jumped to $40.825 billion in Sept. from 40.672 billion in August, the Central Bank of Egypt (CBE) revealed on Tuesday.
Egypt’s net foreign reserves increased by nearly $153 million in September, according to CBE.
The main purpose of the foreign exchange reserve, including its gold and various international currencies such as the U.S. dollar, euro, Australian dollar, Japanese yen, and Chinese yuan, is to provide commodities, repay the installments on interest rates of external debt, and deal with economic crises.
It's worth noting that foreign reserves have been rising since June 2020, after dropping to around $36 billion from more than $45.5 billion due to the impact of the awful pandemic.
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