Egypt’s net foreign reserves grow to $45.42 billion at 2019-end
Egypt’s net foreign reserves grew 0.14 percent to $45.419 billion in December from $45.354 billion in November, the central bank announced on Sunday.
Foreign currencies in Egypt’s foreign reserves encompass U.S. dollar, euro, Australian dollar, Japanese yen, and Chinese yuan. The provision of foreign exchange, including gold and various international currencies, is to pay for imports, repay foreign debts, and cope with any economic crises in exceptional circumstances.
Reserves have been growing after Egypt embarked in late 2016 on a three-year, IMF-led economic reform programme as part of efforts to lure back foreign investors and revive the turbulent economy.