The Central Bank of Egypt announced on Tuesday that reserves of foreign currency reached 48.14 billion dollars by the end of last April.
This increase marks yet another sign of strengthening Egypt's economy. Furthermore, the improvement in the external balance has led to an increase in reserves. The continuing rise in the flow of dollars has allowed for an increase in their volume. According to representatives of the Central Bank, the increase in reserves contributes to the stabilization of the national currency exchange rate.
"These record reserves are an indicator of our sustainability and ability to withstand external shocks," said the bank representative.
Similar statements are said to underline the Central Bank's confidence in the sustainability of the country's financial system.
