CBE: Foreign Exchange Reserves Increase to $34.878 Bn by July-2023 end

The Central Bank of Egypt revealed a short while ago an uptick in net international reserves to $34.878 bn at the end of July 2023, compared to $34.806 bn at the end of last June.

It's worth mentioning that Egypt's central bank has revealed a surge in its foreign exchange reserves by $146 mn during the month of June, reaching a total of $34.806 bn, compared to $34.660 bn at the end of May 2023.

Foreign exchange reserves are assets held by the central bank and consist of a basket of foreign currencies, gold, Special Drawing Rights (SDRs), as well as the net position of the central bank with IMF. Most of these assets are denominated in US dollars.

These foreign exchange reserves are used to support the currency, meet external debt obligations, and secure the country's foreign exchange needs for economic transactions abroad, such as importing essential goods.

Furthermore, these reserves serve as a measure of a country's economic strength or weakness on both international and regional levels. They also act as an indicator of international confidence in the economy and gauge the country's ability to manage its requirements for strategic goods, medical products, medications, and raw materials.