The balance of foreign exchange reserves at the Central Bank of Egypt increased at the end of April by about US$41 million. During March, the Central Bank of Egypt used part of the foreign exchange reserves to cover the Egyptian market’s foreign exchange needs. The reserve can cover more than five months of merchandise imports, surpassing international indicators of reserves adequacy. The reserves also help when the main sources of foreign currency for Egypt (tourism, exports and investments) become impacted in times of unrest. Other sources of hard currency, such as remittances from Egyptians abroad (which have reached record levels) and Suez Canal revenues, contribute to the reserves.

Source: Egypt Independent May 09, 2022 03:18 UTC