CBE: Foreign exchange reserves increase to $40.361 bn by end of March 2024

The Central Bank of Egypt recently revealed that foreign exchange reserves increased to 14.60% during the first quarter of the current year, recording $40.361 bn by the end of March 2024, compared to $35.220 bn by the end of 2023, with an increase of $ 5.141 bn.

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.