The central bank of Egypt (CBE) announced on Wednesday that Egypt’s net foreign reserves reached $45.247 billion in October from $45.118 billion a month earlier.
Egypt’s foreign reserves consist of the US dollar, Australian dollar, euro, Japanese yen and Chinese yuan.
The provision of foreign exchange, including gold and various international currencies, is designed to pay imports, pay off foreign debt, and deal with any economic crises in exceptional circumstances.
Reserves have increased since Egypt signed a $ 12 billion loan program with the International Monetary Fund (IMF) in late 2016 in an effort to attract foreign investment and revive the tumbled economy.
It is noteworthy that Global Finance magazine honored Governor of the Central Bank of Egypt (CBE) Tarek Amer, on the occasion of his selection among the top 21 global governors this year.
The international magazine held a major celebration, last month, on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB) in Washington.
According to the annual performance evaluation report issued by the magazine, Amer was chosen due to of the central bank’s successful efforts to stabilize the Egyptian currency, reduce inflation, successfully manage interest rates, and resilience to financial crises.