Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt's Central Bank Reports Rise in Gold Reserves to $8.25 Billion

Gold Service

Fri 08 Dec 2023 | 12:30 AM
Walid Farouk

On Thursday, the Central Bank of Egypt (CBE) revealed a significant rise in the country's gold reserves, reaching $8.258 billion by the end of November. This figure marks an increase from $8.098 billion at the end of October 2023, indicating a substantial growth of $160 million over the month.

The report from the Central Bank also highlighted a growth in foreign currency reserves, registering $26.879 billion at the close of November, up from $26.635 billion at the end of October. This uptick showcases a positive trend in Egypt’s foreign currency holdings.

Special Drawing Rights (SDRs) showed a decrease to about $38 million in November, down from approximately $371 million in October. This shift represents changes in the international financial instruments held by the bank.

The overall foreign currency reserves of Egypt also saw an increase in November, totaling $35.173 billion, slightly up from $35.102 billion in October, by an increment of $71 million. This progression underscores the robustness of Egypt's financial strategy and economic management.

Egypt’s foreign reserve portfolio consists of a diverse array of key global currencies, including the U.S. dollar, Euro, British pound, Japanese yen, and Chinese yuan. The allocation across these currencies is strategically managed based on their respective exchange rates and stability in global markets, subject to ongoing adjustments as per the Central Bank's policy.

The Central Bank’s announcement about the rise in gold and foreign currency reserves reflects Egypt’s strategic approach to economic stability. This approach includes maintaining a strong and diversified reserve base, underscoring the country's commitment to economic resilience and growth.