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Central Bank of Egypt Reports 5% Increase in Foreign Exchange Cash Reserves in August 2021

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Central Bank of Egypt Reports Increase in Foreign Exchange Cash Reserves

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Introduction

The Central Bank of Egypt has announced that foreign exchange cash reserves have seen consistent growth for the twelfth consecutive month, reaching approximately $34.928 billion in August of the previous year.

Increment in Cash Reserves

The bank has reported an increase of around $50 million compared to the previous month, with cash reserves rising from $34.878 billion in July.

Significant Growth

In August of the previous year, foreign exchange cash reserves experienced a notable 5% increase, equivalent to approximately $1.737 billion, reaching a total of $34.878 billion. This marked a substantial rise from the $33.141 billion recorded in August 2022.

Diverse Currency Composition

Egypt’s foreign exchange reserves encompass a diversified selection of major international currencies, including the US dollar, the European single currency “Euro,” the pound sterling, the Japanese yen, and the Chinese yuan. These details were disclosed by representatives of the Central Bank of Egypt.

Source

Source: RT

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