Egypt’s net international reserves increased by $63.1 million to $40.672 billion at the end of August from $40.609 billion at the end of July, according to data by the Central Bank of Egypt (CBE).
The country’s net foreign reserves jumped to the highest level ever after reaching $44.5 billion in fiscal year (FY) 2018/2019, compared to $44.3 billion in FY17/18 and $31.3 billion in FY16/17.
According to CBE, the volume of foreign currency reserves declined to $33.593bn in August, compared to $36.147bn in July, a decrease of $2.554bn.
The value of gold reserves in Egypt’s international reserves also declined by about $29m, to record $4.239bn in August, compared to $4.268bn in July.
Egypt’s international reserves consist of foreign currencies – US dollar, euro, pound sterling, Japanese yen – gold, SDRs and net loans of the International Monetary Fund (IMF).
In addition, CBE revealed that the balance of special drawing rights (SDRs) included in the net international reserves increased by about $2.646bn in August 2021, to reach about $2.847bn, compared to only about $200m at the end of July 2021.
