The Central Bank of Egypt has reported a modest increase in the country’s net foreign exchange reserves for October 2024, reaching $46.942 billion, up from $46.737 billion in September.
Egypt’s foreign reserves comprise a mix of major international currencies, including the U.S. dollar, euro, British pound, Japanese yen, and Chinese yuan.
The Central Bank manages these reserve components based on exchange rates and the relative stability of each currency in the global markets.
Foreign exchange reserves are a critical tool for Egypt’s Central Bank, helping to finance essential imports, meet external debt obligations, and cushion the economy against potential crises.
In a related development, Egypt’s external debt saw a significant reduction, falling to $153.86 billion in May 2024—an 8.43% decline from the end of December 2023.
This marks the sharpest decrease in the country’s external debt in its history, signaling positive progress in Egypt’s fiscal management.
