The Central Bank of Egypt (CBE) revealed an increase in net foreign exchange reserves, reaching US$35.249 billion at the end of January 2024, compared to $35.219 billion at the end of December 2023 – an increase of $30 million.
Cash reserve gold balances declined to $8.337 billion for the month of January compared to $8.440 billion at the end of December, a decline of $103 million.
The balance of Special Drawing Rights recorded about $367 million at the end of January 2024, compared to about $36 million at the end of December.
The CBE added that the value of foreign currencies included in the cash reserve recorded $26.547 billion at the end of January, compared to $26.745 billion at the end of December.
Egypt’s foreign reserve consists of a basket of major international currencies, including the US dollar, Euro, the Pound Sterling, the Japanese yen, and the Chinese yuan.
It is a percentage of which Egypt’s holdings are distributed on the basis of the exchange rates of those currencies and the extent of their stability in international markets, and changes according to a plan drawn up by CBE officials.
