CAIRO, Aug. 5 (Xinhua) -- Egypt's net foreign reserves rose to a record 56.3 billion U.S. dollars at the end of July, according to data released by the Central Bank of Egypt on Wednesday.
The central bank said in a statement that the country's net international reserves rose by 1.221 billion dollars from 55.072 billion dollars at the end of June, up 2.2 percent month on month, reaching their highest level on record.
An earlier statement from the Egyptian government said the rise reflected the resilience of the Egyptian economy and its ability to maintain stability in the face of external challenges.
The statement attributed the increase to improved foreign currency inflows, which it said would help Egypt meet its external obligations and support financial and monetary stability.
Egypt's foreign exchange reserves are used to finance essential imports, meet external debt obligations, and cushion the economy against external shocks. The reserves consist of gold and a basket of major international currencies, including the U.S. dollar, euro, British pound, and Chinese yuan. ■
