The allocation of these holdings is determined based on exchange rate movements and the stability of each currency in global markets, in line with a strategy set by the Central Bank of Egypt.
In a statement released on Thursday, the Central Bank of Egypt (CBE) noted that on a monthly basis, remittances also showed notable growth.
The central bank said the current account deficit narrowed by 13.6% to $9.5 billion, compared with $10.9 billion in the same period of the previous fiscal year.
Egypt’s foreign reserves are composed of a basket of major international currencies, including the U.S. dollar, the euro, the British pound sterling, the Japanese yen, and the Chinese yuan.
Egypt's foreign reserves consist of a basket of major international currencies, including the U.S. dollar, the euro, the British pound, the Japanese yen, and the Chinese yuan.
