Gold holdings in foreign currency reserves reached approximately $11.851 billion in February, up from $11.416 billion
The net foreign reserves at the Central Bank of Egypt (CBE) have risen to $47.393 billion by the close of February, in comparison to $47.265 billion at the end of January of the same year, indicating an increase of $128 million.
According to the CBE data, the worth of gold holdings within the foreign currency reserves reached approximately $11.851 billion in February, up from around $11.416 billion at the end of January.
The data revealed that the total volume of foreign currencies within the reserves stood at $35.524 billion by the conclusion of February, while Special Drawing Rights (SDRs) totaled $21 million by the end of that month.
Egypt’s net international reserves rose to $47.265 billion in January. The reserves were recorded at $47.109 billion in December 2024, up from $46.952 billion in November.
Rise in financial inclusion rates
Financial inclusion rates in Egypt are steadily increasing, with about 52 million citizens currently utilizing transaction accounts. The Central Bank of Egypt (CBE) announced that financial inclusion rates had achieved 74.8 percent by the end of 2024, demonstrating robust performance compared to similar countries. This statistic reflects the number of Egyptians aged 15 and above who possess and actively use accounts—whether with banks, Egypt Post, mobile wallets, or prepaid cards—for financial transactions. The CBE highlighted that the financial inclusion rate only accounts for citizens who actively engage with their accounts to manage their finances effectively.
Read more: Egypt issues new guide to help investors understand rights, tax obligations
EU loan for food security
Egypt is poised to receive a EUR90 million ($94.3 million) loan from the European Union (EU) and the European Investment Bank as part of the Egypt Food Resilience Project, according to an official announcement from the European External Action Service (EEAS). This funding further aims to bolster Egypt’s food security through wheat purchases, reinforcing the ongoing collaboration between Egypt and the EU in tackling economic and social challenges.
