The Central Bank of Egypt revealed a little while ago today, Tuesday, November 3, 2020, about the increase in foreign reserves in the Egyptian state at the end of last October, as the Central Bank stated that the reserves had increased to 39.22 billion dollars by the end of October compared to 38.425 billion dollars at the end of last September 2020 , And the increase was $ 790 million.
High foreign reserves in Egypt with the end of October
The Egyptian state imports the equivalent of $ 5 billion per month of goods and products from foreign countries, in order to meet the needs of the citizens. The income of the Egyptian state and filling the deficit in the market during this period, with an annual total of $ 55 billion, and therefore the foreign exchange reserves cover about Eight months of commodity dollars, thus being three months higher than the world average, in order to secure the needs of the Egyptian state of basic commodities.
It is worth noting that the increase in foreign exchange inside the Egyptian treasury greatly helps in stabilizing prices and providing all imported goods and products, and the Central Bank’s keenness, through its statement, to inform everyone about the increase in foreign exchange, which reached 39.22 billion dollars by the end of October.
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Government decisions and the wise central bank policy during the past period helped to increase foreign exchange reserves, and the money inflows of workers abroad helped.
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