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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt's Gold Reserves Climb to EGP 456 Billion


Tue 18 Jun 2024 | 11:47 PM
Egypt’s Net Foreign Reserves Hit $40. 99 Bln in February: CBE
Egypt’s Net Foreign Reserves Hit $40. 99 Bln in February: CBE
H-Tyea

The Central Bank of Egypt has reported a significant increase in the country's gold reserves, which reached approximately $9.557 billion, equivalent to around EGP 456 billion, by the end of May 2024. This is up from $9.384 billion, or roughly EGP 448 billion, at the end of April 2024, marking an increase of about EGP 8 billion over the month.

In addition, the Central Bank recently announced that Egypt's net foreign reserves stood at $46.125 billion at the end of May 2024, compared to $41 billion at the end of April 2024, an increase of about $5.125 billion.

Egypt imports goods and products worth an average of $7 billion monthly, totaling more than $55 billion annually. Consequently, the current level of foreign currency reserves covers approximately eight months of Egypt's import needs, well above the global average of about three months. This robust reserve level ensures Egypt's ability to secure essential and strategic goods.

Furthermore, a senior official from the Central Bank of Egypt revealed to Youm7 that remittances from Egyptians working abroad surged by 43.8% year-on-year in April 2024—the second consecutive month of growth—reaching around $2.2 billion, compared to about $1.5 billion in April 2023.