Egypt's Foreign Currency Reserves Reach Historic High in December

In December, Egypt's foreign currency reserves experienced a significant increase, rising by $1.236 billion to reach a historic high, according to data from the Central Bank.

The surge was largely attributed to a rise in gold reserves, which grew by $914 million, bringing the total to approximately $18.17 billion. This increase was the primary driver behind the overall growth in reserves. Additionally, liquid funds in foreign currencies saw their first uptick in five months, rising by $327 million to about $33.23 billion.

In contrast, Special Drawing Rights with the International Monetary Fund (IMF) experienced a slight decline, decreasing by $5 million to a total of $56 million in December.

It is important to note that Egypt announced the receipt of the first installment of $3.5 billion from Qatari Diar for the development of the Samla and Alam Al-Roum areas before the end of December; however, this amount has not yet been fully reflected in the liquid funds of the reserves.