Egypt’s net foreign reserves inch up to $45.247 billion in September: c.bank
Egypt’s net foreign reserves inched up to $45.247 billion in October from $45.118 billion in September, the central bank announced on Wednesday.
Foreign currencies in Egypt’s foreign reserves comprise of the U.S. dollar, euro, Australian dollar, Japanese yen, and Chinese yuan. The provision of foreign exchange, including gold and various international currencies, is designed to pay for imports, repay foreign debts, and cope with any economic crises in exceptional circumstances.
The reserves have been increasing since Egypt signed a $12 billion three-year loan programme with the International Monetary Fund in late 2016, part of efforts to lure back foreign investors and revive the turbulent economy.