Egypt’s foreign reserves increase to $44.969 bn: CBE

Egypt’s foreign reserves have increased by US$53 million to $44.969 billion in August, compared to $44.916 billion in July, the Central Bank of Egypt announced on Wednesday.

Back in August, the Central Bank of Egypt said that the value of the country’s foreign currency reserves reached US$44.916 billion at the end of July 2019, marking an increase of about $564.9 million from their value of $44.351 billion at the end of June 2019.

The current foreign exchange reserve covers more than eight months of Egypt’s commodity imports, therefore securing the country’s commodity and strategic needs.

The main function of the CBE’s foreign currency reserves, made up of gold and various international currencies, is to provide commodities, repay installments and external debt, and cope with economic crises during exceptional circumstances.

The reserves also help when the main sources of foreign currency for Egypt (tourism, exports and investments) become impacted in times of unrest.

The CBE received two billion dollars earlier this year, the last tranche of the $12 billion loan from the International Monetary Fund (IMF).

Edited translation from Al-Masry Al-Youm

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