Net foreign reserves remained essentially unchanged at USD 47.0 bn at the end of November 2024, marking only a USD 10.5 mn increase from October’s level, according to data from the Central Bank of Egypt.

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

  • FX reserves rose USD 643 mn to USD 36.1 bn in November, up from nearly USD 35.5 bn in October.
  • Gold reserves fell by 377 mn to USD 10.8 bn, down from USD 11.2 bn.
  • Special drawing rights fell USD 256 mn during the month to USD 37 mn, down from USD 293 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 11.6 bn in the seven 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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