The Central Bank of Egypt said that its international reserves increased to $34.806bn in June 2023, compared to $34.003bn in December 2022, an increase of $803m.
The main function of the international reserves at the Central Bank, with its components of gold and various international currencies, is to provide basic commodities, pay instalments and interest on foreign debts, and confront economic crises, in exceptional circumstances, with the impact of resources from hard currency-generating sectors.
The international reserves reached about $34.224bn in January 2023, $34.352bn in February, $34.447bn in March 2023, $34.551bn in April, and $34.660bn in May.
In June alone, the Central Bank announced an increase in reserves by $146m.
According to the Central Bank, the value of gold listed in the international reserves increased to $7.738bn in June 2023, compared to $7.326bn in December 2022, an increase of $412m.
The value of gold increased from $7.326bn in December 2022 to $7.773bn at the beginning of 2023.
During February, the value of gold reserves recorded $7.372bn, then rose to $7.950bn in March 2023, and recorded its highest level in April, reaching $8.031bn, then declined to $7.949bn in May, and continued to decline to $7.738bn in June 2023.
