Egypt’s net foreign reserves rise for 13th consecutive month, hitting $40.9bln
Net reserves also increased by $1.68bln since November 2020
An customer exchanges U.S. dollars to Egyption Pounds in a foreign exchange office in central Cairo, Egypt, November 3, 2016.
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Arab News
The Central Bank of Egypt's net foreign reserves went up by about $60 million in November to hit $40.91 billion, the bank said on its website on Dec. 7.
This reflected an annual growth rate of 4.3 percent, slightly up from the previous month’s expansion of 4.2 percent.
Net reserves also increased by $1.68 billion since November 2020.
Egypt’s foreign reserves are made up of gold, foreign currency and special drawing rights. The latter is a type of reserve asset that is held by the International Monetary Fund.
In June 2021, the country confirmed its pledge to maintain an adequate level of foreign reserves during the economic reform program to meet the IMF’s metrics for flexible exchange rate regimes. One of those measures is through an accumulation of net foreign reserves.
Egypt’s gross official reserves reached $40.6 billion in June this year, slightly lower than the IMF projection of $41.1 billion revealed in the Fund's country report published in July.
Since June 2021 the country’s gross official reserves have increased by $325 million and reached $40.92 billion at the end of November.
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