Net foreign reserves reached a new high of USD 46.9 bn at the end of October 2024, up USD 205 mn from September’s USD 46.7 bn, according to data from the Central Bank of Egypt.

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Here’s the breakdown, according to CBEdata:

  • FX reserves fell to just under USD 35.5 bn in October, down from nearly USD 36 bn in September.
  • Gold reserves rose by around 431 mn to USD 11.2 bn, up from USD 10.7 bn in September.
  • Special drawing rights rebounded over the month, rising to USD 293 mn from USD 20 mn in September.

Sound smart: Special drawing rights — also known as SDRs — are international reserve assets created by the IMF. While not a currency, they are a form of international money that can be used by countries to supplement their official reserves. They are primarily used for IMF transactions, such as repaying loans or increasing quotas.

Egypt’s net foreign reserves have increased by around USD 11.6 bn in the six months since the government announced the USD 35 bn Ras El Hekma agreement, which was followed by the float of the EGP and FX liquidity returning to the official banking system, paving the way for more international funds. In February — the month immediately before the float — foreign reserves stood at USD 35.3 bn.

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