The Central Bank of Egypt (CBE) announced on Wednesday (September 4th) a net currency reserve increase of 52.1 million USD at the end of August 2019.
Indeed, reserves reached 44.969 billion USD in August, against 44.917 billion in July 2019. They have thus increased by 2.418 billion USD since January, according to the figures provided by the central bank.
Egypt’s foreign exchange reserves cover almost eight months of imports excluding significant payments in 2019, which allows the CBE to meet the country’s operational needs and to support the Egyptian currency against the dollar. after a Beltone Financial report quoted by the local press.
In addition, the central bank announced that the value of foreign currencies included in net foreign exchange reserves decreased by approximately 135 million USD in August 2019 to reach 41.278 billion USD against 41.413 billion at the end of July.