Thursday 21 Nov
The Central Bank of Egypt (CBE) announced today, Sunday, that its foreign reserves rose by $260 million to reach $46.4 billion at the end of June, up from $46.13 billion in May. This represents the highest level ever recorded.
The CBE had previously announced in May that
foreign reserves had increased to $46.13 billion, the highest figure ever.
The Central Bank of Egypt (CBE) attributed the increase in foreign reserves
to the beginning of the positive impact of the reform measures adopted by the
monetary authorities during the recent period. These measures included a series
of corrective actions, both monetary and economic, in addition to the Ras El
Hekma project deal.
It is noteworthy that Egypt's foreign exchange
reserves are usually composed of gold, Suez Canal revenues, proceeds from
Egyptian exports, and remittances from Egyptians working abroad.
These strong reserves represent one of the most important safeguards against
external shocks, bolstering confidence in the Egyptian economy. This also makes
it one of the key indicators that credit rating agencies consider when
assessing country risk.
