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The Egyptian Central Bank revealed that its foreign exchange reserves covered 7.7 months of imports of commodities in Egypt, reaching $ 42.6 billion at the end of January 2019, which is higher than international levels of only 3 months of commodity imports.
Egypt imports an average of $ 5 billion per month in goods and products from abroad, for an annual total of more than $ 60 billion, so the current average foreign exchange reserve covers about 7.2 months of imports Egypt's commodity base, more than the global average of about 3 months Commodity imports from Egypt, thus ensuring the basic and strategic needs of Egypt.
Foreign currencies include Egypt's foreign exchange reserves from a basket of major international currencies: US dollar, Euro, Australian pound, Japanese yen and Chinese yuan, Egypt's ratio of assets to foreign exchange rates. exchange and their stability in international markets. According to a plan established by officials of the Central Bank of Egypt.
The Central Bank's foreign exchange reserves, with its gold and foreign exchange components, have the primary function of providing commodities, repaying premiums and benefits from external debt, and coping with economic crises in the circumstances. exceptional. However, other sources of hard currency, such as Egyptian remittances, which have reached a record level, and the stability of the Suez Canal revenues, help to sustain the reserves. month.
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