The Central Bank of Egypt (CBE) declared on Sunday that Egypt's foreign exchange reserves surged by $72 million during the preceding month of July, marking the eleventh consecutive monthly upswing.
According to data unveiled on the central bank's official website, foreign exchange reserves climbed to approximately $34.878 billion at the close of July, in contrast to $34.806 billion at the conclusion of June.
Egypt's foreign reserves include a variety of currencies such as the U.S. dollar, euro, Australian dollar, Japanese yen, and Chinese yuan.
The primary purpose of the foreign exchange reserve, encompassing its holdings of gold and diverse international currencies, is to furnish commodities, settle interest payments on external debts, and manage economic crises.
In June, Egypt's net foreign reserves (NIRs) grew by $146 million, reaching a provisional figure of $34.806 billion, up from $34.660 billion in May 2023.
The country's NIRs have sustained a positive trajectory in recent months following the repercussions of the Russia/Ukraine conflict that adversely impacted reserves, causing a shortage in hard currency.
Egypt's NIRs had dwindled to $33.14 billion in August 2022, a decline from the $40.9 billion recorded in February 2022 before the onset of the conflict.