Egypt’s net foreign reserves grow to $40.609 billion in July –

Egypt’s net foreign reserves rose to $40.609 billion in July from $40.584 billion in June, a central bank data showed on Wednesday.

Foreign reserves have been witnessing growth since June 2020, after declining to around $36 billion from more than $45.5 billion due to the impact of the pandemic.

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

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