CBE: Foreign reserves increase to $35.102 bn by October-2023end

The Central Bank of Egypt revealed a rise in foreign cash reserves by $42 mn in September, reaching $34.970 bn, compared to $34.928 bn at the end of August 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.