Wednesday, December 01, 2021

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Egypt’s foreign reserves increase in October

Egypt’s foreign reserves increase in October

Cairo, Nov 4 (Prensa Latina) Egypt's foreign reserves increased to 40.840 billion dollars in October, 29 million more than in September, the Central Bank of Egypt (CBE) reported on Thursday.
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A CBE communique stated that the total amount is divided into international currencies, gold, special drawing rights and loans of the International Monetary Fund.

Saudi Arabia recently announced that it had made a three billion dollar deposit to the CBE to support Egypt’s liquidity of foreign exchange and it also extended the maturity of previous deposits with a total value of 2.3 billion dollars.

The major sources of income for Egypt are the Suez Canal, tourism, exports, foreign investment and remittances from workers abroad.

The CBE also informed that the country repaid 15.8 billion dollars in external debt in the fiscal year 2020-21.

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