CBE: Foreign exchange reserves increase to $35.220 bn by end of 2023

The Central Bank of Egypt recently revealed that foreign exchange reserves increased to $35.220 bn at the end of 2023, compared to $35.173 bn at the end of November 2023, an increase of $47mn.

It's worth mentioning that CBE disclosed a $71 mn increase in foreign cash reserves in November 2023, bringing the total to $35.173 bn, up from $35.102 bn at the end of October 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.