Foreign Currencies balances at the Central Bank of Egypt’s (CBE) and foreign exchange (FX) reserves at the end of July 2018 increased from $2.129bn to $41.026bn, up from $38.987bn in June, according to CBE.
At the end of last week, the CBE announced that FX reserves were up by $57m at the end of July 2018 to score $44.315m, up from $44.258bn in June.
This level of FX reserves is the highest ever in the history of the CBE and covers over 8 months of commodity imports into Egypt.
According to data published by the CBE, the value of Special Drawing Right (SDRs) in reserve in July 2018 declined by $2.017bn to $689m, against $2.706 in June.
The SDRs are an international reserve established by the International Monetary Fund (IMF) in 1969 to complement the official reserves of member countries.
The value of the SDR is determined by a basket of five major currencies: the US Dollar, the Euro, the Japanese Yen and the British Pound, as well as the Chinese Yuan, which was included in the basket of currencies as of October 1, 2016.
Meanwhile, the CBE figures showed that the value of gold listed in the reserve fell by $54m in July to $2.587bn, down from $2.641bn in June.
The value of Loans to the IMF amounted to $17m in July, compared to $16m in June.