CAIRO: Egypt’s foreign reserves edged up U.S. $202 million to register $17.307 billion as of the end of February, compared to $17.105 billion in January, the Central Bank of Egypt (CBE) announced Tuesday.
Early in February, CBE announced the foreign reserves rose to $17.105 billion by the end of January, marking an increase of $73 million, compared to $ 17.032 billion at the end of December.
The foreign reserves consist of the main international currencies: the U.S. dollar, the euro, the British pound, and the Japanese yen. The foreign reserve allows the government to purchase basic commodities, and pay of premiums and interest on foreign debts.
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.
Originally published in Youm7.