CAIRO – 13 January 2025: The Central Bank of Egypt (CBE) announced a notable $2.2 billion increase in the country’s gold reserves during 2024, bringing the total to $10.644 billion by December, up from $8.440 billion at the close of 2023.
Gold reserves saw an initial dip early in the year before recovering in March, when they stood at $9.003 billion. The growth trend continued steadily, with reserves reaching $9.384 billion in April, $9.557 billion in May, $9.485 billion in June, and $9.883 billion in July.
By August, the reserves had climbed to $10.262 billion, peaking at $11.154 billion in October. A slight decline followed, with reserves at $10.777 billion in November before settling at $10.644 billion in December.
In addition to gold reserves, the CBE highlighted a broader increase in Egypt’s total foreign exchange reserves, which expanded by $11.889 billion throughout the year.
By December 2024, these reserves reached $47.109 billion, a significant rise from $35.220 billion in December 2023.
Egypt’s foreign exchange reserves include a balanced mix of currencies such as the US dollar, euro, British pound, Japanese yen, and Chinese yuan.
These assets are managed carefully to align with currency market trends and ensure financial stability, as outlined by CBE’s strategy.
The reserves play a vital role in maintaining economic security, ensuring the availability of essential goods, managing external debt payments, and mitigating the impact of potential economic crises.
In times of financial uncertainty, they act as a critical buffer to sustain the country’s economic stability.
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