CAIRO - 8 December 2024: Egypt’s net international reserves stood at $46.95 billion at the end of November 2024, reflecting a slight increase from $46.94 billion at the end of October, as reported by the Central Bank of Egypt (CBE). In comparison, reserves were recorded at $46.74 billion at the end of September 2024.
The foreign currency reserves are composed of major global currencies, including the US dollar, Euro, British pound, Japanese yen, and Chinese yuan, providing a diversified financial foundation.
Earlier in November, Prime Minister Mostafa Madbouly announced the commencement of the fourth review of Egypt's economic reform program by the International Monetary Fund (IMF). The announcement was made during a press conference in Cairo with Kristalina Georgieva, Managing Director of the IMF.
Egypt imports an average of $7 billion in goods and products monthly, totaling over $70 billion annually. The country’s foreign reserves currently cover approximately eight months of imports, significantly exceeding the global average of three months. This robust coverage ensures a secure supply of essential and strategic goods.
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