The Central Bank of Egypt (ECB) announced on Sunday 9th November that its international currency reserves had increased and exceeded the $50 billion threshold.

Egypt's net foreign exchange reserves exceeded for the first time the 50 billion US dollars, increasing by 538 million US dollars to reach 50.071 billion dollars Americans at the end of October, against 49.533 billion dollars Americans in September.

In a statement released today, the Central Bank from Egypt said that this increase reflects the continued improvement of economic indicators and the capacity of the Egyptian economy to strengthen its foreign exchange reserves and to support financial stability.

“The amount was $50.071 billion at the at the end of October, showing an increase of 537 million dollars by compared to the previous month, when they were $49.534 billion at the end of September,” the ECB said in a statement.

Egypt's currency reserves are made up of a basket of international currencies mainly the dollar, the euro, the pound sterling, the Japanese yen and the Chinese yuan.

Foreign exchange reserves play an essential role in finance imports of basic products (wheat, oil, drugs, etc.), ensure the repayment of external debt (principal and interest), deal with economic crises in the event of external shocks and support the pound Egyptian in the face of inflationary pressures.

The increase in reserves comes in a favourable context for economic recovery, marked by the gradual return foreign capital and a positive dynamic of indicators macroeconomic. The government's recent commitments in terms of reforms, combined with financial support from the IMF, were decisive for strengthen the confidence of international investors.