Egypt’s foreign reserves surge to $16.415bn at end-October
Egypt’s foreign currency reserves increased to $16.414 billion at the end of October from $16.33bn the previous month, new figures reveal.
The month-on-month increase amounts to $80 million, according to the data issued by the central bank.
The country’s foreign reserves dropped to $16.3bn at the end of September compared with $18.09bn at the end of August, down by $1.76bn, the figures published Youm7 show.
Egypt’s foreign reserves include a basket of major currencies including, the US dollar, the euro, the Sterling pound and the Japanese yen.
The reserves are used to import basic goods, pay external debt and addressing economic crisis in exceptional circumstances. Egypt’s foreign reserves come from expat remittances, exports, tourism and the Suez Canal revenues.
Recently, Egypt’s net public debt edged up by 4.3 per cent during the previous fiscal year which (2014-2015) ended in June this year.
The country’s public debt stood at $48bn at the end of June compared with $46bn in the 2013-2014 fiscal year, according to central bank data.
($1 = AED3.67, at the time of publishing)