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Central Bank of Egypt reserves reach highest ever level, at $45 bln

According to CBE board member Fakhry Elfiky, the recent jump in international reserves stems from rising gold prices

Doaa A.Moneim , Wednesday 2 Oct 2019
The Egyptian Central Bank offices in Cairo, Egypt (AP)
The Egyptian Central Bank offices in Cairo, Egypt (AP)

The Central Bank of Egypt (CBE) announced that net international reserves recorded an all time high of $45.117 billion at the end of September 2019, up from $44.969 billion in August.

According to the CBE data, Egypt's foreign exchange reserves reached $39.753 billion in September, up from $39,652 billion recorded in August.

July witnessed the highest foreign exchange reserves at $39,785 billion.

Gold reserves fell slightly in September to $3.209 billion from $3,324 billion in August.

For gross official reserves, foreign currency recorded $41,545 billion in September compared to $41,278 billion recorded in August.

Egypt's foreign exchange reserves averaged $25,105 billion from 2003 to 2019, while it recorded the lowest level in March 2013 with $13,448 billion, according to Trading Economics.

CBE board member and former expert at the International Monetary Fund Fakhry Elfiky told Ahram Online that the reserves amount is the CBE's highest ever, covering Egypt's imports for more than eight months into the future.

Elfiky said that the $1,8 billion increase in reserves stems from recent rising gold prices, adding that Egypt has about 76 tons of gold reserves.

Foreign exchange reserves in Egypt are foreign assets controlled by the CBE, made of gold or a foreign currency. They can be used for special drawing rights and marketable securities denominated in foreign currencies, like treasury bills, government bonds, corporate bonds and equities and foreign currency loans.

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