The Central Bank of Egypt revealed that the international reserves of foreign exchange in its possession absorb the shock of the international markets, after it recorded about $40 billion at the end of last March.
The Central Bank of Egypt used about $ 5.4 billion of the proceeds of foreign exchange reserves during the month of March, to cover the needs of the Egyptian market of foreign exchange and cover the decline of foreign investments and international portfolios, as well as to ensure the import of strategic goods, in addition to paying international obligations related to the external debt of the state.
According to the Egyptian Central Bank, the record increase in foreign exchange reserves achieved over the past three years and reaching more than $45 billion for the first time in the history of Egypt was one of the foundations of the stability of the Egyptian economy and its ability to withstand the biggest shocks suffered by the largest global economies.
Despite the change in the reserves that occurred during the month of March, the Egyptian Central Bank expected that the existing reserve would suffice to cover the country's imports for a period of 8 months, bypassing the international rates that are not more than 3 months only in some countries.
Source (Al-Arabiya.net website, Edited)
