Egypt: Upsurge of Foreign Exchange Reserves

  • Cairo, Arab Republic of Egypt
  • 4 December 2019

The Central Bank of Egypt (CBE) announced a rise in the foreign exchange reserves at the end of November by $107 million.

According to the CBE, the net international reserves reached 45354.4 million US dollars at the end of November 2019, whereas the money reserves reached 45.246 million dollars in October 2019.

Cash reserves are used to pay for imports and foreign debt installments. Egypt's external debt stock stood at $108.7 billion at the end of June, equivalent to 36% of GDP, which is still within the safe limits according to international standards, as per CBE.

It is worth mentioning that the fiscal year in Egypt starts on July the 1st of each year and ends on June the 30th of the following year.

Source (RT Arabic website, Edited)

Get an annual subscription in Al-Omran Al-Arabi Magazine