Egypt’s net foreign reserves rise to $40.825 billion in September

Egypt’s net foreign reserves rose to $40.825 billion at the end of September from $40.672 billion at the end of August, a central bank provisional data showed on Monday.

Foreign reserves have been growing since June 2020, after dropping to around $36 billion from more than $45.5 billion amid the impact of the COVID-19 pandemic.

Foreign currencies in Egypt’s foreign reserves comprise of U.S. dollar, euro, Australian dollar, Japanese yen, and Chinese yuan. The provision of foreign exchange, including gold and various international currencies, is aimed at paying for imports, repaying foreign debts, and coping with any economic crises in exceptional circumstances.

Leave a comment