CBE: Foreign Exchange Reserves Increase to $ 34.928 Bn by August-2023 end

The Central Bank of Egypt revealed a short while ago an uptick in net international reserves to $34.928 bn at the end of August 2023, compared to $ 34.878 bn at the end of last July.

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.