Introduction

The Central Bank of Egypt has recently announced that, as of August last year, the country’s foreign exchange cash reserves have shown continuous growth for twelve consecutive months, reaching an estimated total of $34.928 billion.

Continued Growth

According to the bank, this represents an increase of approximately $50 million compared to the previous month, where the reserves stood at $34.878 billion in July.

Moreover, in August last year, the cash reserve experienced a significant growth rate of 5%, equivalent to around $1.737 billion. As a result, the total cash reserve reached $34.878 billion, surpassing the amount recorded in August 2022, which was approximately $33.141 billion.

Composition of Foreign Currencies

Egypt’s foreign exchange reserves consist of a diverse basket of major international currencies, including the US dollar, the Euro, the pound sterling, the Japanese yen, and the Chinese yuan. These details were disclosed by representatives of the Central Bank of Egypt.

Source: RT