Egypt’s foreign currency reserves have surpassed the $50 billion mark for the first time in the country’s history, setting a new record that underscores growing confidence in the Egyptian economy.
According to a statement from the Central Bank of Egypt (CBE) released on Sunday, the country’s net international reserves rose to $50.071 billion in October, up from $49.534 billion in September, an increase of $537 million.
The central bank attributed the rise to several key factors, including higher gold prices, which form part of Egypt’s reserve assets, increased remittances from Egyptians working abroad, and record levels of tourism revenues.
In its statement, the CBE said the latest increase reflects the “continued improvement in Egypt’s economic indicators” and highlights “the resilience of the national economy and its ability to strengthen foreign reserve buffers while supporting financial stability.”
Economists view the milestone as a sign of improving external liquidity conditions and renewed investor confidence following sustained inflows from multiple sectors, including energy, tourism, and remittances.
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