The Central Bank of Egypt (CBE) reported on Sunday that its international reserves rose to $35.108bn in October 2023, up from $34.970bn in September, marking an increase of $131m. The reserves consist of a basket of major international currencies, gold, and special drawing rights (SDR).
According to the CBE, the value of gold in the reserves increased by $454m to $8.098bn in October, while the value of foreign exchange reserves decreased by $664m to $26.635bn. The SDR jumped by $342m to $371m.
Egypt’s foreign reserves are used to provide essential commodities, repay external debt obligations, and deal with economic crises in exceptional circumstances. The composition of the reserves is based on the exchange rates and stability of the currencies in the international markets, and it changes according to a plan set by the CBE officials.