Reuters Mohamed Abd El Ghany
The Central Bank of Egypt announced today, Tuesday, that net foreign reserves rose to 40.063 billion dollars in December from 39.222 billion dollars last November.
Foreign reserves have recorded a decline since March from a high level of more than $ 45 billion, in light of the economic repercussions of the outbreak of the Corona virus.
Egypt imports an average of 5 billion dollars a month of goods and products from abroad, with an annual total estimated at more than 55 billion dollars. Therefore, the current average foreign exchange reserves cover about 8 months of commodity imports to Egypt.
Foreign currencies in the foreign reserves of Egypt consist of a basket of the main international currencies, which are the US dollar and the single European currency “the euro”, the British pound, the Japanese yen and the Chinese yuan, which is a percentage of which Egypt’s holdings are distributed on the basis of the exchange rates of those currencies and the extent of their stability in international markets. According to a plan drawn up by officials of the Central Bank of Egypt.
Source: “Reuters” + “Youm Seven”