Egypt’s gold reserves rise by $2.2bn in 2024
The Central Bank of Egypt (CBE) has reported a $2.2bn increase in the value of gold included in the country’s foreign exchange reserves in 2024, bringing the total to $10.644bn by December 2024, compared to $8.440bn in December 2023.
After a decline in the early months of 2024, the value of gold reserves began rising in March, starting at $9.003bn. It continued to increase throughout the year, reaching $9.384bn in April, $9.557bn in May, $9.485bn in June, and $9.883bn in July. The value continued to climb, reaching $10.262bn in August, $10.723bn in September, and peaked at $11.154bn in October. By November, the value slightly declined to $10.777bn, eventually reaching $10.644bn in December.
The CBE also revealed that Egypt’s overall foreign exchange reserves increased by $11.889bn in 2024, reaching $47.109bn in December 2024, up from $35.220bn in December 2023.
Egypt’s foreign reserves include a diversified basket of international currencies such as the US dollar, euro, British pound, Japanese yen, and Chinese yuan. These reserves are strategically allocated based on currency exchange rates and international market stability, according to a plan set by CBE officials.
The primary purpose of Egypt’s foreign exchange reserves, including gold and foreign currencies, is to ensure the availability of essential commodities, service external debt payments, and safeguard against economic crises. In times of financial stress, these reserves serve as a crucial resource to support the country’s economy.
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