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The Central Bank of Egypt (CBE) has announced a significant boost in Egypt’s net international reserves, which reached USD 40.361bn in March. This reflects a substantial increase of USD5.05bn over the previous month’s USD 35.31bn.
The Central Bank of Egypt (CBE) has announced a significant boost in Egypt’s net international reserves, which reached USD 40.361bn in March. This reflects a substantial increase of USD 5.05bn over the previous month’s USD 35.31bn.
The CBE reported that the reserves of foreign currencies surged to USD 31.313bn in March from USD 26.942bn in February, marking a rise of USD 4.371bn. In early March, the Egyptian government acknowledged the acquisition of $5bn as part of the initial segment of an investment partnership agreement with the United Arab Emirates. This is aimed at the enhancement of the Ras El-Hekma initiative, alongside an additional USD 5bn procured by the Central Bank of Egypt on 28 February.
The composition of Egypt’s foreign reserves includes a diverse array of major global currencies such as the US dollar, euro, British pound, Japanese yen, and Chinese yuan. The allocation of these reserves is influenced by the exchange rates and stability of these currencies in the global market, and adjustments are made following strategies devised by the Central Bank of Egypt’s officials.
The first quarter of 2024 saw unprecedented fluctuations in Egypt’s gold prices, set against a backdrop of significant economic shifts and currency exchange rate volatility. Despite predictions to the contrary, gold prices soared to record highs before experiencing a notable decline at the quarter’s end, as reported by gold bullion analysts.
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Throughout Q1, gold prices rose modestly by 2.8%. The year commenced with gold trading at EGP 3,170 per 21K gram, concluding in March at EGP 3,080 per gram—a net increase of EGP 90 per gram. The quarter’s peak prices ranged between EGP 4,150 and EGP 4,200 per gram, while the lowest recorded price was EGP 2,650 per gram.
January’s gold prices surged by 26%, adding EGP 830 to the value per gram and reaching the highest price point of the quarter—averaging between EGP 4,150 and EGP 4,200 per gram. This spike marked the highest price ever recorded for gold in Egypt.
