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Egypt's gold reserves decline by $1.6 billion in September

Egypt's gold reserves decline by $1.6 billion in September

Egypt's net foreign exchange reserves rose to a record high of $57.35 billion by the end of September, despite a decrease in gold holdings by $1.6 billion to $17.46 billion. This was thanks to an increase in liquid foreign currency reserves, which grew by $1.73 billion to approximately $39.3 billion to offset the decline in gold. Since the Head of Wisdom deal in February 2024, Egypt has seen a $22 billion increase in its foreign reserves, reflecting an overall improvement in the balance, despite fluctuations in the components of the reserves.

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