The Central Bank of Egypt (CBE) reported an increase in net international reserves, which reached $46.941bn in October 2024, compared to $46.736bn in September—a rise of approximately $205m.
In a statement released today, Wednesday, the bank highlighted a rise in the value of gold reserves, amounting to $11.14bn in October, up from $10.723bn in September, marking a $417m increase.
Conversely, the value of foreign currency holdings within the reserves declined to around $35.497bn in October, down from $35.996bn in September, a decrease of $499m. Meanwhile, Special Drawing Rights (SDR) balances grew significantly, reaching $293m compared to $20m, an increase of $273m.
Egypt’s foreign reserves consist of a basket of major international currencies, including the US dollar, the euro, the British pound, the Japanese yen, and the Chinese yuan. Egypt’s holdings in these currencies are allocated based on exchange rates and their stability in global markets, with adjustments made according to a strategic plan set by CBE officials.
The primary role of the foreign currency reserves—comprising gold and various international currencies—is to secure essential goods, cover external debt instalments and interest, and provide a buffer against economic crises, especially in times of reduced hard currency inflows from major revenue-generating sectors.
