Egypt’s net foreign reserves slightly increase $40.85 billion in October

Egypt’s net foreign reserves slightly inched up to $40.85 billion at the end of October from $40.825 billion at the end of September, a central bank provisional data showed on Wednesday.

Foreign reserves have been growing since June 2020, after tumbling to around $36 billion from more than $45.5 billion due to the COVID-19 pandemic repercussions.

Foreign currencies in Egypt’s foreign reserves are U.S. dollar, euro, Australian dollar, Japanese yen, and Chinese yuan. The provision of foreign exchange, including gold and various international currencies, is aimed at paying for imports, repaying foreign debts, and coping with any economic crises in exceptional circumstances.