CAIRO, Egypt / AfricaWire.IO / – Egypt’s foreign reserves climbed by $151.6 million in October to a new record of $57.5 billion, the Central Bank of Egypt (CBE) said. Net international reserves reached $57.4998 billion at the end of the month, up from $57.3482 billion at the end of September. Since December 2025, when reserves stood at about $51.45 billion, they have grown by around $6.05 billion. The data highlight a sustained recovery in the country’s foreign currency position.
The October gain followed a record of $57.35 billion in September, which marked a ninth straight monthly increase. In August, reserves had reached $57.2 billion. Reserves in September were up $7.81 billion, or 15.8%, from a year earlier. The October level is nearly 12% higher than at the end of December 2025. The figures show how quickly Egypt’s foreign currency position has improved over the past year.
Currency assets drove the latest increase. Foreign currency holdings rose $768 million to $40.06 billion in October, while gold reserves fell $613 million to $16.84 billion as their value moved with global prices. Special drawing rights edged down to $599 million. In September, the value of gold holdings had dropped $1.6 billion to $17.46 billion after world gold prices fell. Analysts note that such moves reflect world prices rather than changes in physical gold holdings.
Strong flows from Egyptians abroad
Sustained foreign currency inflows are supporting the build-up in reserves. Remittances from Egyptians working abroad totaled $33.9 billion in January to August 2026, a record for the period, rising 27.2% year on year. In the 2025/2026 fiscal year, remittances exceeded $47.3 billion. Tourism revenue, exports and foreign investment have also contributed to inflows.
Tourism brought in $12 billion in the first eight months of 2026, a rise of about 1.7%. Exports reached $31.9 billion in the first seven months, up from $29.9 billion in the same period of 2025. Suez Canal revenue climbed 13% to $1.26 billion in the second quarter from about $1.1 billion in the first. Banks’ net foreign assets reached $31.2 billion in August, the highest since January 2020.
Analysts weigh sustainability
The IMF completed its seventh review of Egypt’s Extended Fund Facility in July, releasing about $1.8 billion. Disbursements under Egypt’s IMF arrangements now total about $7.3 billion. The Fund said gross reserves stood at 119% of its adequacy metric at the end of June and were expected to remain above 100%. The CBE held its overnight deposit rate at 19% in September.
Economists say the key challenge is ensuring reserve gains reflect lasting foreign currency earnings rather than temporary inflows or valuation changes. IMF economists have warned that high public debt and large financing needs remain vulnerabilities. Economist Iten El Marghoushy said reserve resilience depends on foreign currency inflows and exchange rate developments. Banking expert Mohamed Abdel Aal said the goal is a balance between security, liquidity and investment returns. He expects reserves to keep rising in the fourth quarter, depending on geopolitics and energy prices.