Friday 22 Nov
Egypt's Central Bank has recorded the highest level of foreign reserves in the country's history. On Tuesday, the bank announced that its foreign exchange reserves reached a record high of over $46 billion. This surpasses the previous record of $45.5 billion set four years ago.
Foreign reserves in Egypt rose
to $46.125 billion at the end of May, up from $41 billion in April. This
increase of $5.125 billion was partly due to the $35 billion Ras al-Hikma deal
signed in February.
Foreign exchange reserves are
crucial for financing Egypt's import bill for essential goods and production
needs.
Egypt holds a diversified
basket of foreign currencies in its reserves, including the US dollar, euro,
British pound, Japanese yen, and Chinese yuan.
Egypt imports an average of $5
billion worth of goods and products monthly, bringing the annual total to over
$55 billion., which means that the current average foreign exchange reserve can
cover approximately eight months of import costs.
