Egypt’s net foreign reserves inch up to $34.551 bln in April – c.bank

Egypt’s net foreign reserves increased to $34.551 billion at the end of April from $34.447 billion at the end of March, a central bank data showed on Wednesday.

Foreign currencies in the country’s foreign reserves are comprising of U.S. dollar, euro, Australian dollar, Japanese yen in addition to Chinese yuan. The provision of foreign exchange, as well as gold and various international currencies, is aimed to pay for imports, repay foreign debts, and cope with any economic crises in exceptional circumstances.