Egypt's Central Bank Gold Reserves Surge 25.8% in Five Months Amid Global Price Rally
Waleed Farouk
Gold reserves held by the Central Bank of Egypt (CBE) saw a notable increase of 25.8% during the first five months of 2025, reaching EGP 679.6 billion by the end of May, up from EGP 540.4 billion in December 2024—an increase of EGP 139.2 billion.
According to the bank's financial statements, gold reserves rose by EGP 43.2 billion during April and May alone, reflecting the impact of sustained global price increases.
Internationally, gold prices have been setting successive record highs since the beginning of the year, driven by escalating geopolitical tensions, renewed U.S. tariffs under Trump's policies, and a global trend toward interest rate cuts.
Between January and May 2025, gold prices climbed by approximately 20%, or $667, reaching $3,284 per ounce by the end of May—up from $2,617 at the start of the year.
A macroeconomic analyst at a local investment bank noted that the buildup of gold reserves by central banks has been a consistent global trend in recent years. He expects the momentum to continue amid ongoing geopolitical unrest in regions such as the Middle East and Asia.
He explained that political conflicts and trade wars create instability in financial markets, prompting both institutions and individuals to turn to gold as a safe haven. He added that the increase in gold reserves' value is not solely due to actual accumulation but also a result of rising global prices.
The analyst also forecasted further rallies in gold prices over the next two years, especially as global interest rate cuts gain momentum.
Meanwhile, the CBE announced that its total assets stood at EGP 6.35 trillion by the end of May 2025, slightly down from EGP 6.42 trillion in December 2024.
The central bank's investments in the capital of affiliated and sister companies rose by EGP 5.7 billion over the same five-month period, reaching EGP 88.8 billion compared to EGP 83.1 billion in December.
Net profits for the bank also jumped by EGP 13.4 billion during the first five months of the year, totaling EGP 132.1 billion by the end of May, up from EGP 118 billion in December 2024.
The Central Bank of Egypt returned to profitability in the last fiscal year for the first time in seven years, recording net profits of EGP 22.834 billion, compared to losses of EGP 86.28 billion in the previous fiscal year, according to official financial statements.
In November 2022, the CBE ceased subsidizing five key initiatives—mortgage financing for low- and middle-income households, industrial and tourism sector support, and the vehicle conversion initiative for dual-fuel engines. The responsibility for funding these programs was transferred to the Ministry of Finance following a cabinet decision by Prime Minister Mostafa Madbouly.
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