Egypt’s net foreign reserves surge to $34.878 bln in July – c.bank

Egypt’s net foreign reserves surged to $34.878 billion at the end of July from $34.806 billion at the end of June, a central bank data showed on Sunday.

Foreign currencies in the country’s foreign reserves comprise of U.S. dollar, euro, Australian dollar, Japanese yen in addition to Chinese yuan. The provision of foreign exchange, as well as gold and various international currencies, is designed to pay for imports, repay foreign debts, and cope with any economic crises in exceptional circumstances.