Net foreign reserves inched up to USD 47.3 bn at the end of January 2025, marking a USD 156 mn increase from December, according to data from the Central Bank of Egypt. Net foreign reserves continue to increase month on month for the 29th consecutive month.

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Here’s the breakdown, according to CBE data (pdf):

  • FX reserves decreased by USD 615 mn to USD 35.8 bn in January, down from USD 36.4 bn in December.
  • Gold reserves rose USD 772 mn to USD 11.4 bn, up from USD 10.6 bn
  • Special drawing rights remained unchanged at USD 31 mn

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 12 bn 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. Last February — the month immediately before the float — foreign reserves stood at USD 35.3 bn.

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