The Central Bank of Egypt (CBE) announced that the country’s foreign currency reserves increased to US$44.218 billion at the end of April 2019, compared to $44.112 billion at the end of March 2019, an increase of about $106 million.
In a statement on Sunday, CBE said that Egypt imports an average of $5 billion a month in goods and products from abroad, with an annual total of more than $55 billion.
The current average foreign exchange reserve covers about eight months of Egypt’s commodity imports, which is higher than the global average of three months of Egypt’s commodity imports, therefore securing the country’s commodity and strategic needs.
The main function of the CBE’s foreign currency reserves, in gold and international currency components, is to provide commodities, repay installments and benefits of external debt, and to cope with economic crises during exceptional circumstances.
The reserves also help when the main resources for foreign currency (tourism, exports and investments) are affected in times of unrest.
Other sources of hard currency, such as remittances from Egyptians abroad which have reached a record level, and Suez Canal revenues, contribute to support the reserve in some months.