CBE: Egypt's Foreign Reserves Rises to $35.173 Billion

The Central Bank of Egypt (CBE) revealed that its net foreign reserves increased during the month of November to record $35.173 billion, compared to recording $35.102 billion, an increase of $71 million.

Egypt imports the equivalent of an average of $7 billion a month in goods and products from abroad, with an annual total estimated at more than $70 billion. Therefore, the current average foreign exchange reserve covers about 5 months of merchandise imports to Egypt, which is higher than the global average of about 3 months, ensuring Egypt’s needs for basic and strategic commodities

Egypt's foreign reserve consists of a basket of major international currencies, including the US dollar, the single European currency euro, the British pound, the Japanese yen, and the Chinese yuan. It is a percentage of which Egypt's holdings are distributed based on the exchange rates of those currencies and the extent of their stability in international markets, and it changes according to a plan drawn up by Officials of the Central Bank of Egypt.