Egypt's reserves hit record despite gold drop
Egypt's international reserves rose to a record level at the end of September, supported by a $1.73 billion increase in foreign currency holdings at the Central Bank. This offset the decline in gold value by approximately $1.6 billion, bringing total reserves to $57.35 billion and marking the 49th consecutive month of growth. Despite the decrease in the gold reserve value, which reached $17.46 billion, Egypt's holdings of the precious metal increased by about 2,926 ounces. The primary driver behind the reserve increase was the rise in foreign currency assets. Since the Rash Lehmukha deal in February 2024, total reserves have increased by around $22 billion.
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