Egypt’s net foreign reserves rise to $40.672 billion in August –

Egypt’s net foreign reserves stood at $40.672 billion at the end of August, up slightly from $40.609 billion in July, a central bank provisional data showed on Monday.

Foreign reserves have been witnessing growth since June 2020, after falling to approximately $36 billion from more than $45.5 billion amid the impact of the pandemic.

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

Leave a comment