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Egypt increases foreign exchange reserves


Egypt increases foreign exchange reserves

Cairo, Dec 8 (Prensa Latina) Egypt's foreign exchange reserves increased to 40.9 billion dollars in November, 100 million more than the previous month, the Central Bank of this country reported on Wednesday.

A communique from the banking entity stated that the total amount is divided into foreign currencies, gold, special drawing rights and loans from the International Monetary Fund.

Egypt’s international foreign exchange reserves fell to their lowest level in June 2020 due to the Covid-19 pandemic, when they dropped to 36 billion dollars, although since then, the figure has been growing every month.

The main sources of foreign exchange earnings for Egypt are the Suez Canal, tourism and remittances from workers abroad, among others.


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