- Egypt's foreign exchange reserve balances increased by $10.906 billion during the first 5 months of 2024, to record $46.126 billion at the end of last May, compared to $35.220 billion at the end of 2023.
- These balances amounted to about $35.250 billion at the end of January 2024, then increased to $35.311 billion at the end of February, and recorded about $40.361 billion at the end of last March, then to $41.057 billion at the end of April 2024, and rose to $46.126 billion at the end of May.
- Prime Minister Dr. Mostafa Madbouly had revealed that the Egyptian government had received, last May, $14 billion from the UAE, representing the second installment of the “Ras El Hekma” deal.
- Madbouly added that the government and the Central Bank have already begun procedures for waiving the value of a UAE dollar deposit worth $6 billion with the Central Bank of Egypt, in cooperation with the Emirati side, with its value being converted to its equivalent in Egyptian pounds.
- 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.
- Regarding gold balances, the Central Bank revealed that gold balances rose to $9.557 billion at the end of last May, compared to $8.440 billion at the end of last year, an increase of $1.117 billion.
- The balances of currencies included in the cash reserve increased to record $36.558 billion at the end of May 2024, compared to $26.745 billion at the end of December 2023, an increase of $9.8 billion.
- Drawing rights balances recorded about $12 million at the end of last May, compared to $36 million at the end of December 2023, after they had recorded $367 million and $300 million during the past months of January and April.
