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$26m increase in CBE’s foreign exchange reserves in June - Daily News Egypt

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$26m increase in CBE’s foreign exchange reserves in June

The value of gold included in the reserves increased to $2.602bn in June, compared to $2.513bn in May, an increase of $89m.


Egypt’s net international reserves of foreign exchange reached $17.546bn as of the end of June 2016, compared to $17.520bn in May, an increase of $26m, according to the Central Bank of Egypt (CBE).

In its monthly report on foreign exchange reserves issued on Monday, the CBE revealed that the volume of liquidity in foreign currencies included in its reserves recorded $13.746bn in June, compared to $13.801bn in May, a decline of nearly $54m.

The value of gold included in the reserves increased to $2.602bn in June, compared to $2.513bn in May, an increase of $89m.

Unlike gold and liquidity in foreign currencies, the CBE’s foreign exchange reserves consist of $1.172bn in special drawing rights (SDRs) and $50m in loans from the International Monetary Fund (IMF).

The CBE awaits liquidity estimated at $4.5bn from Emirates and Saudi Arabia in order to support the balance of its foreign exchange reserves.

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https://www.dailynewsegypt.com/2016/07/04/26m-increase-cbes-foreign-exchange-reserves-june/
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