Data from the Central Bank of Egypt showed that the country’s net foreign exchange reserves rose to $50.071 billion in October, up from $49.534 billion in September. According to the central bank’s figures, gold holdings increased by about $702 million in October to reach $16.5 billion, while the bank added only 780 ounces.
The steady growth in Egypt’s net international reserves has been supported by improved sources of foreign currency revenues, as exports have been on a steady upward trend since the beginning of this year, along with rising income flows from tourism and remittances from Egyptians working abroad.
