Egypt’s Net Foreign Reserves Hit $40. 99 Bln in February: CBE

Egypt’s net foreign reserves increased by approximately $14 million in February, the Central Bank of Egypt (CBE) announced Thursday.

The net foreign currency reserves rose to $40.994  billion by the end of February 2022, compared to $40.980 billion recorded in January.

Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen, and Chinese yuan.

The main function of the foreign exchange reserve, including its gold and various international currencies, is to provide commodities, repay the installments on interest rates of external debt, and to cope with economic crises.

Egypt's foreign exchange reserves jumped from $31.3 billion during the 2016-2017 fiscal year to about $44.3 billion during the 2017-2018 fiscal year, then continued to rise during the 2018-2019 fiscal year to reach $44.5 billion, before it retreated in light of the coronavirus crisis and its repercussions.