Central Bank of Egypt’s gold holdings decline 2.8% in September

The CBE’s total assets declined to EGP 4.62 trillion in September from EGP 4.76 trillion in August.

Meanwhile, CBE’s liabilities decreased to EGP 4.59 trillion in September from EGP 4.75 trillion in August. 

Egypt ranked 30th globally in terms of gold reserves holdings by the end of the second quarter of 2023, according to a report by the World Gold Council. 

Net international reserves (NIRs) at the CBE reached $34.97 billion in September, the highest level in 16 months.

Egypt’s foreign asset deficit amounted to nearly $25.92 billion in August. The country seeks to collect $191 billion in annual US dollar revenues by 2026.

The Egyptian government plans to attract $5 billion from offering power plants and state-owned companies from October 2023 until June 2024.