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Egypt's foreign exchange reserves reached $ 44.969 billion at the end of August 2019, up from 44.917 billion at the end of July 2019, an increase of about $ 52 million in one month, the Central Bank announced on Wednesday. Egypt (CBE).
Egypt imports an average of $ 5 billion per month in foreign goods and products, with an annual total of more than $ 60 billion, so that current average foreign exchange reserves cover about 7.2 months of imports in Egypt, which is above the global average of about 3 months. Product imports into Egypt, which ensures the commodity and strategic needs of Egypt.
Foreign currencies in Egypt's foreign exchange reserves consist of a basket consisting of major international currencies, namely the US dollar, the single European currency, the pound sterling, the Japanese yen and the Chinese yuan. . According to a plan established by officials of the Central Bank of Egypt.
The Central Bank's foreign exchange reserves, with its components in gold and international currencies, have the primary function of providing commodities, repaying foreign debt and interest, and coping with economic crises in exceptional circumstances, with resources from sectors generating foreign exchange such as exports, tourism and investments. Due to the turmoil, other sources of hard currency, such as Egyptian record remittances abroad and the stability of Suez Canal revenues, contribute to the support of some reserves. month.
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