3 November 2022, CAIRO: According to the Central Bank of Egypt, Egypt’s foreign reserves climbed by $214 million on a monthly basis during October to reach a record $33. 4 billion (CBE).
Early in October, the CBE reported that during September, the net foreign reserves climbed by $56 million, or 0. 16 percent. The net foreign currency reserves reached $33. 197 billion by the end of September 2022, compared to $33. 141 billion recorded in August 2022.
U.S. dollars, euros, Australian dollars, Japanese yen, and Chinese yuan are among the foreign currencies included in Egypt’s foreign reserves.
The primary purposes of the foreign exchange reserve, which includes its gold and several foreign currencies, are to supply commodities, pay off the interest payments on external debt, and handle economic crises.
Egypt’s foreign exchange reserves jumped from $31. 3 billion during the 2016-2017 fiscal year to about $44.
3 billion in the 2017–2018 fiscal year, increased to $44. 5 billion in the 2018–2019 fiscal year, and subsequently decreased as a result of the coronavirus epidemic and its effects.
In October, Egypt’s foreign reserves increased by $214 million. CBE
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