Foreign exchange reserves increase to US$34.806 billion: Central Bank of Egypt

The balance of foreign exchange reserves increased to US$ 34.806 billion by the end of June, compared to US$ 34.660 billion in May – an increase of US$146 million, the Central Bank of Egypt announced Friday.

The Central Bank of Egypt announced that the value of gold listed in foreign exchange reserves at the end of June amounted to about $7.738 billion, compared to $7.949 billion at the end of the previous May.

The CBE said that the value of foreign currencies included in the cash reserve rose to $27.044 billion at the end of June, compared to $26.686 billion at the end of May.

The Bank’s Monetary Policy Committee decided, in its meeting held on June 22, to maintain the overnight deposit and lending return rates and the central bank’s main operation rate at the level of 18.25 percent, 19.25 percent, and 18.75 percent, respectively, and to maintain the credit and discount rate at the level of 18.75 percent.