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CBE: Egypt’s foreign currency reserves hit $45.3 bln in November


Egypt’s foreign currency reserves jumped by $108 million in November to reach $45.354 billion, the Central Bank of Egypt (CBE) said in a statement Tuesday.

According to Bloomberg news agency, Egypt’s foreign currency reserve rose by about $ 100 million in one month, which was at the end of last October 45.25 billion dollars. Also in October, the reserve recorded a monthly increase of $ 129 million.

With Egypt’s monthly imports estimated at $ 5 billion, Egypt’s foreign currency reserves cover Egypt’s imports for almost nine months.

Egypt’s foreign exchange reserves consist of an international basket of currencies: US dollar, Euro, pound sterling, Japanese yen and the Chinese yuan.

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