The Central Bank of Egypt (CBE) has announced an increase in net international reserves to $35.173bn in November 2023, up from $35.102bn in October, marking a $71m rise.
The CBE explained that the value of gold included in the international reserves rose to $8.258bn at the end of November, compared to $8.098bn at the end of October, an increase of $160m. The foreign currency balances included in the reserve also increased to $26.879bn, compared to $26.635bn, amounting to $244m, while the Special Drawing Rights (SDRs) decreased by $333m, reaching $38m, compared to $371m.
Egypt’s foreign reserves are composed of major international currencies such as the US dollar, euro, British pound, Japanese yen, and Chinese yuan. The distribution of Egypt’s holdings is based on the exchange rates and stability of these currencies in international markets, and it is adjusted according to a plan by CBE officials.
The primary role of the CBE’s international reserves, which include gold and various international currencies, is to ensure the provision of essential goods, service foreign debt payments, and manage economic crises, especially when hard currency-generating sectors are impacted.
According to the CBE’s data, its net international reserves increased by about $1.2bn in the past 11 months of this year, reaching $35.173bn at the end of November 2023, compared to $34.003bn at the end of December 2022.
Regarding gold balances included in the reserves, they recorded $8.258bn at the end of last November, compared to $7.326bn at the end of December 2022, an increase of $932m.
Foreign currency balances included in the reserve also increased to $26.879bn, compared to $26.131bn, an increase of $748m.
The CBE’s data showed that international reserves recorded successive increases since the beginning of this year, reaching $34.224bn in January, $34.352bn in February, $34.447bn in March, $34.551bn in April, $34.660bn in May, $34.828bn in June, $34.879bn in July, $34.928bn in August, $34.970bn in September, and $35.102bn and $35.173bn in November.
As for the volume of foreign currencies included in the reserve, it reached $26.131bn in January 2023, rising to $26.962bn in February, then declining to $26.477bn in March, and continuing its decline to $26.173bn in April, then rising to $26.686bn in May. It continued to rise to $27.065bn in June, then declined again to $26.530bn in July, and continued to decline to $27.037bn in August, then increased to $27.299bn in September, then dropped again to $26.635bn in October, before rising again to $26.879bn in November.
As for the value of gold included in the reserves, it amounted to $7.773bn at the end of January and declined to $7.372bn at the end of February, rising again to $7.950bn at the end of March. In April, gold balances exceeded $8bn for the first time in 2023, recording $8.031bn, then they dropped to $7.949bn by the end of May, then to $7.738bn by the end of June.
In July, gold balances increased again to $7.974bn, then declined to $7.863bn by the end of August, then to $7.644bn by the end of September, then increased to $8.098bn by the end of October, and continued to rise to $8.258bn by the end of November.
SDRs experienced volatility throughout the year, they recorded $324m in January 2023, dropping to $22m in February and March, then jumping to $439m in April, and fell again to $27m in May and June, then jumped again to $376m in July, and fell again to $30m in August, then to $29m in September. It then jumped again to $371m in October, before falling again to $38m in November.
