Egypt’s Gold Reserves Rise by USD 2.2 Billion in 2024

The Central Bank of Egypt (CBE) reported a USD 2.2 billion increase in gold reserves in 2024, raising the total to USD 10.644 billion in December, up from USD 8.440 billion a year earlier. The rise began in March after an initial dip, with reserves peaking at USD 11.154 billion in October before settling by year-end.

Egypt’s total foreign exchange reserves also surged by USD 11.889 billion, reaching USD 47.109 billion in December 2024. These reserves include a mix of international currencies such as the US dollar, euro, British pound, Japanese yen, and Chinese yuan, ensuring financial stability and safeguarding against potential economic crises.

CBE officials highlighted that the reserves are critical for securing essential imports, servicing external debt and supporting the economy.