Egypt Daily News – The Central Bank of Egypt reported an increase in its gold reserves, which rose to $10.723 billion by the end of September 2024, compared to $10.262 billion the previous month.
The total value of foreign currencies in the monetary reserves decreased slightly to $35.996 billion from $36.317 billion during the same period. The balance of Special Drawing Rights remained stable at approximately $20 million.
Overall, net international reserves increased to $46.736 billion at the end of September 2024, up from $46.597 billion at the end of August 2024.
Egypt’s foreign reserves include a mix of major international currencies, such as the US dollar, euro, British pound, Japanese yen, and Chinese yuan. The allocation of these reserves is influenced by the exchange rates of these currencies and their stability, and it is managed according to a strategic plan decided by the Central Bank of Egypt.
The primary role of the foreign currency reserve, which comprises gold and various currencies, is to ensure the availability of essential goods, facilitate the repayment of external debts (including principal and interest), and help mitigate economic crises in extraordinary situations. The reserves are also impacted by inflows from sectors that generate hard currency.
