The Central Bank of Egypt announced that Egypt’s foreign exchange reserves increased to $46.489 billion by the end of July 2024, compared to $46.383 billion by the end of June 2024, an increase of 106 million pounds.
Egypt’s foreign exchange reserves consist of a basket of major international currencies, including the US dollar, the euro, the British pound, the Japanese yen, and the Chinese yuan. This is a percentage of Egypt’s holdings distributed based on the exchange rates of these currencies and their stability in international markets, and changes according to a plan set by officials of the Central Bank of Egypt.
The main function of the Central Bank’s foreign exchange reserves, with its components of gold and various international currencies, is to provide basic commodities, pay installments and interest on external debts, and confront economic crises, in exceptional circumstances, with the resources of hard currency-generating sectors affected.
