Net international reserves rise to $46.383bn in June: CBE

Hossam Mounir
1 Min Read

The Central Bank of Egypt (CBE) reported that the country’s net international reserves increased to $46.383bn in June, up from $46.125bn in May—an addition of $258m.

In their statement on Sunday, the CBE highlighted that the foreign currency component of the reserves reached $36.889bn in June, compared to $36.5bn in May, reflecting a $389m increase.

However, the value of gold held in the reserves declined to $9.485bn in June, down from $9.557bn in May—a decrease of $72m. The balance of Special Drawing Rights (SDRs) remained steady at $12m.

Egypt’s foreign reserves comprise a diversified basket of major international currencies, including the US dollar, euro, British pound sterling, Japanese yen, and Chinese yuan. The allocation of these currencies is determined by exchange rates and market stability, guided by the Central Bank of Egypt’s strategic plan.

These reserves serve critical functions, such as securing essential goods, servicing foreign debt (both principal and interest), and addressing economic crises during exceptional circumstances, especially when revenues from hard currency sectors are impacted.

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