Egypt’s foreign reserves to be announced this week: CBE
Central Bank of Egypt - YOUM7 (Archive)

CAIRO: The Central Bank of Egypt (CBE), will announce the country’s net foreign reserves as of the end of February within days, an unnamed inside source told Youm7 Saturday.

The foreign reserves edged up U.S. $73 million to register U.S. $17.105 billion by the end of January, compared to U.S. $17.032 billion at the end of December, the Central Bank of Egypt (CBE) announced early last month.

Egypt repaid a U.S. $700 million premium on the foreign debt owed to the Paris Club on Jan. 2, and the CBE issued an exceptional dollar auction worth U.S. $1.5 billion.

The Paris Club is an informal group of financial officials from 19 of the world’s largest economies, and provides financial services including debt restructuring relief and cancellation to indebted countries and their creditors.

Egypt’s foreign reserves consist of the main international currencies: the U.S. dollar, the euro, the British pound, and the Japanese yen.

The currency basket changes on the basis of currencies’ exchange rate and stability in the global markets, according to a plan prepared by CBE officials.

The foreign reserve provides basic commodities, payment of premiums, and interest on foreign debts. Foreign reserves enable Egypt to face economic crises under exceptional circumstances, such as the current political unrest, which affected hard-currency generating sectors like tourism, investment, and exports.

Originally published in Youm7.

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