The Central Bank of Egypt announced that the value of gold balances included in foreign exchange reserves was recorded at 10.777 billion dollars at the end of November, compared to 11.154 billion pounds at the end of last October.
The Central Bank added that the value of foreign currencies included in the cash reserve recorded 36.140 billion pounds at the end of November, compared to 35.497 billion dollars at the end of last October, while the balance of special drawing rights recorded about 37 million dollars in November.
The Central Bank of Egypt revealed that net international reserves increased to $46.952 billion at the end of November 2024, compared to $46.942 billion at the end of last October.
Egypt’s foreign reserve consists of a basket of major international currencies, including the US dollar, the single European currency euro, the British pound, the Japanese yen, and the Chinese yuan. It is a percentage of which Egypt’s holdings are distributed on the basis of the exchange rates of those currencies and the extent of their stability in international markets, and it changes according to a plan drawn up by Officials of the Central Bank of Egypt.
The main function of the foreign exchange reserve at the Central Bank, with its components of gold and various international currencies, is to provide basic commodities, pay installments and interests on foreign debts, and confront economic crises, in exceptional circumstances, with resources from sectors generating hard currency being affected.
