Egypt’s net foreign reserves grow to $45.5 billion February-end: c.bank

Egypt’s net foreign reserves increased to $45.509 billion at the end of February from $45.457 billion at the end of January, the central bank announced on Monday.

Foreign currencies in Egypt’s foreign reserves consist of U.S. dollar, euro, Chinese yuan, Japanese yen, and Australian dollar.  The provision of foreign exchange, including gold and various international currencies, is to cover imports, repay foreign debts, and cope with any economic crises during exceptional circumstances.

Reserves have been increasing since Egypt had embarked in late 2016 on a three-year, IMF-led economic reform programme as part of efforts to encourage foreign investors and revive the turbulent economy.