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CAIRO - 8 December 2022: Egypt’s net foreign reserves increased during November for the third month in a row, to reach $33.532 billion, the Central Bank of Egypt (CBE) announced.
The net foreign currency reserves rose by $121 million at the end of November 2022, after recording $33.411 billion in October 2022.
Egypt's foreign exchange reserves increased by $390.4 million in the last 3 months (September-November).
This came as a result of several Gulf countries renewing the terms of their outstanding deposits in the CBE.
On an annual basis, Egypt's foreign exchange reserves declined by 18 percent, down from $40.909 billion at the end of November 2021.
In the same context, the Central Bank indicated that the value of gold listed in foreign exchange reserves increased to $7.078 billion at the end of November 2022, compared to $6.612 billion at the end of October of the same year.
The value of foreign currencies included in the cash reserve amounted to about $26.444 billion at the end of November, compared to $26.55 billion in October.
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.
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