The Central Bank of Egypt recently revealed that foreign exchange reserves increased to 34.970 bn at the end o

CBE: Foreign exchange reserves increase to $34.970 bn by September-2023 end

10/4/2023 2:23:00 PM

CBE

The Central Bank of Egypt recently revealed that foreign exchange reserves increased to $34.970 bn at the end of September 2023, compared to $34.928 bn at the end of August 2023.

It's worth mentioning that CBE disclosed a $50 mn increase in foreign cash reserves in August, bringing the total to $34.928 bn, up from $34.878 bn at the end of July 2023.

Foreign exchange reserves are assets held by the central bank, consisting of a basket of foreign currencies, gold, Special Drawing Rights (SDRs), and the net position with the International Monetary Fund, with most of these assets in U.S. dollars.

These reserves are used to support the currency, pay external debts, and secure the country's foreign exchange needs for essential imports.

Foreign exchange reserves also serve as an economic indicator of a country's strength or weakness internationally and regionally.

They are a measure of international confidence in the economy and reflect the country's ability to manage its strategic goods, medical products, pharmaceuticals, and raw material needs.