Egypt's Foreign Reserves Hit $45.12 Bln

Egypt's foreign exchange reserves increased in September by $ 148 million to stand at $ 45.117 billion.

The Central Bank of Egypt (CBE) said that Egypt's foreign reserves increased by 0.3% in September from $ 44.969 billion in August.

The CBE added, through its website, that the foreign exchange component of the reserves rose about $ 267 million last September to record $ 41.545 billion compared to $ 41.278 billion a month earlier.

The bank noted that the gold component in exchange reserves fell by $ 115 million to $ 3.209 billion in September, compared with $ 3.324 billion in August.

Foreign exchange reserves usually include foreign banknotes, deposits, t-bills, government securities, as well as gold reserves, and special drawing rights (SDRs).

Egypt's reserves amounted to about $ 36 billion ahead of the January 2011 revolution, before declining during the past years from the depletion of dollar sources, especially foreign direct investment (FDI) and tourism.

Deputy Governor of the CBE Rami Abulnaga said yesterday that his country does not face any obstacles in the payment of its debts and external obligations.

He added that all commitments are paid on time, noting that the economy is able to generate foreign exchange resources to meet all its needs.