CBE: Foreign exchange reserves rose to $47.265 bn by January-2024 end

The Central Bank of Egypt announced that the volume of foreign exchange reserves rose by 0.33%, with an increase of $47.265 bn during the first 9 months of this year, to reach $47.109 bn by the end of September 2024, compared to $156 mn by the end of December 2023.

Foreign cash reserves are assets owned by CBE, comprising a basket of foreign currencies, gold, Special Drawing Rights units, as well as the net position at the International Monetary Fund, mostly held in US dollars.

These reserves are used to support the currency, pay off external debts, and secure the country's needs for necessary foreign cash for external economic transactions, such as importing essential goods.

Additionally, these reserves serve as an indicator of a country's economic strength or weakness internationally and regionally. They reflect international confidence in the economy and indicate the country's ability to manage its needs for strategic goods, medical products, medicines, and raw materials.