Egypt’s net foreign reserves inch up to $40.980 billion in January

Egypt’s net foreign reserves inched up to $40.980 billion at the end of January from $40.934 billion at the end of December, a central bank data showed on Sunday.

Foreign reserves have been growing since June 2020, after dropping to around $36 billion from more than $45.5 billion driven by the repercussions of the COVID-19 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, involving gold and various international currencies, is designed to pay for imports, repay foreign debts, and cope with any economic crises in exceptional circumstances.