Egypt’s official reserve assets surged by nearly 36 per cent year on year, reaching $45.05 billion in January, according to recent data.
Figures from the Central Bank of Egypt show that the increase was primarily driven by a sharp rise in the value of gold reserves, which grew by 37pc over the year, reaching $11.42bn.
Gold now represents around 25pc of Egypt’s total reserves, reinforcing its role as a key hedge against global economic volatility and a valuable buffer for the country’s foreign exchange position.
The growth in Egypt’s reserves was not limited to gold. A significant 70pc rise in other reserve assets also contributed to the overall increase, representing approximately 49pc of the total reserves.
Data also showed that foreign currency reserves in convertible currencies remained relatively stable, edging up by just 1.05pc to $11.2bn in January.
Special Drawing Rights, a form of international reserve asset issued by the International Monetary Fund, witnessed a dramatic decline of 91.55pc, falling to just $31 million.
This sharp drop suggests that Egypt has likely tapped into its SDR holdings to meet urgent liquidity needs, further highlighting the strain on the country’s foreign exchange resources.
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