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FX Reserves up to $44.419bn end of August: CBE - Daily News Egypt

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FX Reserves up to $44.419bn end of August: CBE

Foreign currencies up by $167m, gold down by $23m

The foreign exchange reserves at the Central Bank of Egypt (CBE) increased to $44.419bn at the end of August compared to $44.315bn at the end of July, an increase of $104.3bn, according to a statement released Wednesday.

This level of foreign exchange (FX) reserves is the highest ever in the history of the Central Bank of Egypt and covers more than eight months of commodity imports to Egypt.

According to the CBE, foreign currencies listed in FX Reserves reached $41.193bn at the end of August 2018, compared to $41.026bn in July, rising by $167m.

On the other hand, the value of gold declined by $23m to settle to reach about $2.564bn, compared to about $2.587bn at the end of July 2018.

Special drawing rights (SDRs) registered $651m in August, against $689m in July, down by $38m.

The SDRs are an international reserve established by the International Monetary Fund in 1969 to complement the official reserves of member countries.

The value of the special drawing right is determined by a basket of five major currencies, namely the US dollar, the euro, the Japanese yen and the British pound, as well as the Chinese yuan, which has been included in the basket of currencies as of 1 October 2016.

The value of loans to the International Monetary Fund (IMF) reached $14m in August, against $16m in July.

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