- Cash reserves increasedForeign money to Egypt reached $41.057 billion at the end of April, compared to $40.361 billion at the end of March 2024, an increase of $696 million.
- According to the Central Bank of Egypt, the value of gold balances included in the reserve increased by about $381 million during April to reach $9.384 billion, compared to $9.003 billion at the end of March, while the value of foreign currencies included in the reserve reached $31.375 billion, compared to $31.313 billion, an increase of $62 million, and the balance of Special Drawing Rights reached $300 million, compared to $47 million, an increase of about $253 million.
- 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 goods, pay installments and interests on foreign debts, and confront economic crises, in exceptional circumstances, with resources from sectors generating hard currency being affected.
- JPMorgan expects Egypt's foreign exchange reserves to rise by $16.2 billion in the next fiscal year 2024-2025.
- The bank said, in a report, that its expectations indicate an increase in Egypt’s reserves by $2.6 billion in the fiscal year 2025-2026.
