Egypt’s foreign currency reserve up to US$ 57.214 billion in August
Banking expert Tarek Metwally said that the rise in Egypt’s foreign currency reserves reflects the continued improvement in foreign currency liquidity indicators and the Egyptian economy’s ability to meet its foreign currency needs.
Reaching this level of reserves enhances the Central Bank’s ability to cope with any pressures or emergency needs related to foreign currency, he explained, and supports confidence in the Egyptian economy’s ability to meet its external obligations and pay its dues on time.
Metwally added that the current increase in reserves is a positive indicator of the stability of the exchange market and the improvement in foreign currency sources, especially given the continued flow of remittances from Egyptians working abroad, the improvement in tourism revenues and foreign direct investment, in addition to the government’s efforts to increase exports and bolster its dollar reserves.
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