Egypt’s foreign reserves soar to $47.39 billion in February

Data released by the Central Bank of Egypt (CBE) shows that the country's net foreign exchange reserves increased to $47.393 billion by the end of February, up $128 million from $47.265 billion at the end of January. This increase reflects the continued stability and slight improvement in Egypt's foreign exchange reserves, indicating a positive trend in its financial standing.

The data reveals that the value of gold holdings within the foreign exchange reserves was approximately $11.851 billion in February, higher than the approximately $11.416 billion at the end of January. Concurrently, the total foreign currency reserves amounted to $35.524 billion by the end of February, and the total Special Drawing Rights (SDR) were $21 million. These figures suggest a growing proportion of gold reserves within Egypt's overall foreign exchange composition, potentially as a hedge against currency fluctuations.

Financial inclusion in Egypt is also steadily improving. The Central Bank of Egypt announced that the financial inclusion rate reached 74.8% by the end of 2024, demonstrating strong performance compared to similar countries. Currently, approximately 52 million Egyptian citizens are using transaction accounts, including bank accounts, Egyptian Post accounts, mobile wallets, or prepaid cards, for financial transactions. The central bank emphasized that the financial inclusion rate only counts citizens who actually use accounts to manage their finances, ensuring an accurate representation of active participation.

Furthermore, Egypt is set to receive a loan of 90 million euros (approximately $94.3 million) from the European Union (EU) and the European Investment Bank for the Egyptian Food Resilience Project. This funding aims to enhance Egypt's food security through wheat procurement, thereby further solidifying Egypt's ongoing collaboration with the EU in addressing economic and social challenges, highlighting the importance of international partnerships in bolstering national stability.