Egypt’s net foreign reserves increase to $40.993 billion in February

Egypt’s net foreign reserves increased to around $40.993 billion at the end of February from $40.980 billion at the end of January, a central bank data showed on Thursday.

Foreign reserves have been surging since June 2020, after falling to approximately $36 billion from more than $45.5 billion driven by the repercussions of the pandemic.

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, aims to pay for imports, repay foreign debts, and cope with any economic crises in exceptional circumstances.