The Central Bank of Egypt announced that the inflation rate increased slightly on an annual basis, to reach 2.4% during the month of December 2019, compared to 2.1% in the previous month of November. , Compared to a negative rate of 0.1% in the previous month of November, compared to (zero) compared to the same month in the previous year.
The Central Agency for Mobilization, General and Statistics announced that the record for consumer prices for urban areas was recorded as a negative monthly rate of 0.2% in December 2019 compared to a negative rate of 0.3% in November 2019 and a negative rate of 3.4% in the same month of the previous year, indicating that the annual rate Inflation was 7.1% in December 2019 compared to 3.6% in November 2019.
The central bank had previously announced the size of the foreign exchange reserve balances, as it increased at the end of December 2019 to record $ 45.420 billion, compared to about $ 45.354 billion, an increase of about $ 66 million..
Foreign currencies in Egypt’s foreign reserves consist of a basket of the main international currencies, which are the US dollar, the single European currency, the euro, the British pound, the Japanese yen, and the Chinese yuan, a percentage of which Egypt’s holdings are distributed on the basis of the exchange rates of these currencies and their stability in international markets, and they change According to a plan developed by officials of the Central Bank of Egypt.
The primary function of the foreign exchange reserve at the Central Bank, with its components of gold and various international currencies, is to provide basic commodities and pay the premiums and benefits of foreign debt, and to confront economic crises, in exceptional circumstances, with resources affected by hard currency-generating sectors, such as exports, tourism and investments, Because of the turmoil, however, other sources of hard currency, such as remittances from Egyptians abroad that have reached a record level, and the stability of Suez Canal revenues, contribute to supporting the reserve in some months..
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