Egypt’s net foreign reserves hit $40.934B in December: CBE

CAIRO - 5 January 2022: Egypt’s net foreign reserves increased by approximately $24 million in December, the Central Bank of Egypt (CBE) announced Wednesday.

The net foreign currency reserves rose to $40.934 billion by the end of December 2021, compared to $40.909 billion recorded in November.

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.

Egypt's foreign exchange reserves jumped from $31.3 billion during the 2016-2017 fiscal year to about $44.3 billion during the 2017-2018 fiscal year, then continued to rise during the 2018-2019 fiscal year to reach $44.5 billion, before it retreated in light of the coronavirus crisis and its repercussions.