$520m increase in Egypt’s foreign exchange reserves in June

The Central Bank of Egypt’s (CBE) balances of foreign exchange reserves increased by $520m during June, registering $20.0797bn, compared to $19.5597bn in May, according to a CBE statement, Tuesday.

The value of gold listed within the foreign exchange reserves amounts to around $2.5bn, while the rest is liquidity that is being invested in the global financial markets.

According to the CBE, this level of the foreign exchange reserves covers Egypt’s merchandise imports for almost four months.

The recently announced level of foreign exchange reserves is the second highest in 2015. The reserves registered $20.525bn last April, supported by reserves from the Gulf that entered the CBE during that month.