Egypt’s net foreign reserves increase to $37.1 billion in April

Egypt’s net foreign reserves (NIRs) increased slightly to around $37.123 billion in April from $37 billion at the end of March, a central bank data showed on Sunday.

As a consequence of continuing challenges, particularly the Russian war in Ukraine as well as increasing food and energy prices, the country’s NIRs in March dropped for the first time since May 2020 by about $4 billion, down from $40.9 billion recorded in February – prior to the war breaking out.

Foreign currencies in Egypt’s foreign reserves involve 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.