Egypt's Foreign Exchange Reserves Climb to $34.878 Billion in July 2023

On Sunday, the Central Bank of Egypt (CBE) revealed a surge in its net foreign currency reserves. With an increase of approximately $72 million, the total reserves stood at a robust $34.878 billion by the end of July 2023, showcasing a notable growth compared to the $34.81 billion recorded at the close of June 2023.

Egypt's foreign exchange reserves comprise a basket of major global currencies. Predominantly, these include the US Dollar, the European unified currency - the Euro, the British Pound Sterling, the Japanese Yen, and the Chinese Yuan. The distribution ratio of Egypt's holdings in these currencies is determined based on their respective exchange rates and stability in international markets. These ratios are not static and are periodically adjusted following strategies formulated by the top echelons of the Central Bank of Egypt.

This positive trajectory in the country's foreign currency reserves further solidifies Egypt's economic stance, reflecting its resilience and strategic positioning in the global financial framework.