Egypt’s net foreign reserves surge to $34.002 billion in December

Egypt’s net foreign reserves surged to $34.002 billion at the end of December from $33.532 billion at the end of November, a central bank data showed on Tuesday.

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