Central Bank of Egypt says foreign currency reserves up to $40.909 bn in November

The Central Bank of Egypt (CBE) announced on Tuesday that international foreign currency reserves increased at the end of November to reach US$40.909 billion.

This brings net international reserves up by about US$ 60 million from their figures at the end of October, when foreign currency reserves reached US$ 40.849 billion.

Egypt’s foreign currency reserves increased significantly after it adopted an economic reform program with the support of the International Monetary Fund (IMF) in 2016.

The main function of the CBE’s foreign currency reserve – made up of gold and various international currencies – is to provide commodities, repay installments and external debt, and cope with an economic crises during exceptional circumstances.

The reserves also help when the main sources of foreign currency for Egypt (tourism, exports and investments) become impacted in times of unrest.

Other sources of hard currency, such as remittances from Egyptians abroad (which have reached record levels) and Suez Canal revenues, contribute to the reserves.

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