CBE reports $2.2 Billion growth in gold reserves in 2024

 The Central Bank of Egypt (CBE) announced a notable $2.2 billion increase in the country’s gold reserves during 2024, bringing the total to $10.644 billion by December, up from $8.440 billion at the close of 2023.

 

Gold reserves saw an initial dip early in the year before recovering in March, when they stood at $9.003 billion. The growth trend continued steadily, with reserves reaching $9.384 billion in April, $9.557 billion in May, $9.485 billion in June, and $9.883 billion in July.

 

By August, the reserves had climbed to $10.262 billion, peaking at $11.154 billion in October. A slight decline followed, with reserves at $10.777 billion in November before settling at $10.644 billion in December.

 

In addition to gold reserves, the CBE highlighted a broader increase in Egypt’s total foreign exchange reserves, which expanded by $11.889 billion throughout the year.

 

By December 2024, these reserves reached $47.109 billion, a significant rise from $35.220 billion in December 2023.