Egypt Net International Reserves hits record $47.1 bln in December 2024
The Central Bank of Egypt (CBE) announced Monday that the country's net international reserves (NIRs) rose by $157 million, reaching a historic high of $47.1 billion by the close of December 2024.
The rise continued a steady trend for NIRs in recent months, increasing from $46.94 billion in October to $46.95 billion by the end of November.
On a year-on-year basis, Egypt's foreign exchange reserve balances increased by $11.9 billion in 2024, compared to $35.22 billion in December 2023.
NIRs, which include foreign currencies, gold, and other assets, after accounting for foreign liabilities, represent the total reserves held by a country's central bank.
These reserves are a key indicator of a nation's capacity to fulfil international financial obligations, such as paying for imports, servicing debt, and stabilizing the national currency during periods of economic instability.