Net foreign reserves came in at USD 47.1 bn at the end of December 2024, marking an increase of USD 157 mn from November, according to data from the Central Bank of Egypt. Net foreign reserves have now increased month on month for 28 consecutive months.

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

  • FX reserves rose USD 296 mn to USD 36.4 bn in December, up from USD 36.1 bn in November.
  • Gold reserves fell USD 133 mn to USD 10.6 bn, down from USD 10.8 bn
  • Special drawing rights dipped by USD 6 mn to USD 31 mn, down from USD 37 mn the month before.

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 11.8 bn in the 10 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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