According to the Central Bank of Egypt’s (CBE) monthly statement, announced yesterday, the bank’s gold holdings rose by 6% in October, from EGP 235.64 billion ($7.63 billion) in September to EGP 249.64 billion ($8.08 billion).
From EGP 4.62 trillion in September to EGP 4.729 trillion in October, the CBE’s total assets increased.
According to a World Gold Council report, Egypt’s gold reserves rose to an all-time high of 125.92 tons in the third quarter of 2023.
International reserves showed a minor increase, according to the bank’s statement, rising from $34.97 billion in September to $35.1 billion in October.
In August, Egypt’s foreign asset deficit was close to $25.92 billion. By 2026, the nation hopes to bring in $191 billion in US dollars annually.
Between October 2023 and June 2024, the Egyptian government hopes to entice $5 billion by selling power plants and state-owned businesses.
