Egypt’s foreign reserves hike to $34.806 bln in June – c.bank

Egypt’s net foreign reserves rose to $34.806 billion at the end of June from $34.551 billion at the end of May, recording a slight increase of $146 million, central bank data published on Thursday.

CBE’s data also showed that the value of gold listed in foreign reserves at the end of June amounted to about $7.738 billion, compared to $7.949 billion at the end of May.

It is worth mentioning that the foreign currencies in the country’s foreign reserves include the U.S. dollar, euro, Australian dollar, and Japanese yen, in addition to the Chinese yuan.

The provision of foreign exchange, as well as gold and various international currencies, is dedicated to paying for imports, repaying foreign debts, and coping with any economic crises in exceptional circumstances.

Egypt’s NIRs have been ticking upward after being hit hard by the Ukraine war last year. They reached a low point of $33.14 billion in August 2022 after declining from $40.9 billion prior to the war in February 2022.