The Central Bank of Egypt's net foreign reserves rose to $35.311 billion in February from $35.25 billion in January.
Central bank data showed the money supply (N2) rose 16.59 percent year-on-year in January. The money supply stood at 8.989 trillion Egyptian pounds ($291.38 billion), up from 7.71 trillion a year earlier.
Egypt imports an average of $7 billion per month of goods and products from abroad, with an annual total of more than $70 billion. Thus, the current average foreign exchange reserves cover about 5 months of merchandise imports, which is higher than the global average of about 3 months of merchandise imports, thus securing Egypt's needs for basic and strategic commodities.
Source (Al Khaleej Emirati Newspaper, Edited)
