CAIRO - 3 June 2021: Egypt’s net foreign reserves increased by aproximately $125 million in May, the Central Bank of Egypt (CBE) announced on Thursday.
The net foreign currency reserves rose to $40.468 billion by the end of May, 2021, compared with $40.343 billion recorded in April. As per the CBE data, the country's foreign reserves have went up by about $2.292 billion since June 2020, MENA reported.
Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen and Chinese yuan.
The main function of the foreign exchange reserve, including its gold and various international currencies, is to provide commodities, repay the installments on interest rates of external debt, and to cope with economic crises.
Since March 2020, CBE has announced using foreign reserves money to cover the Egyptian market's needs of foreign exchange, the drop in foreign investments and international portfolios due to the precautionary measures taken to confront coronavirus.