The Central Bank of Egypt announced in a statement today, Sunday, that the country’s net foreign reserves increased by $ 41 million last April, to reach $ 37.123 billion, up from 37,082 in the previous March.
Recently, the World Gold Council announced that the Central Bank of Egypt bought 44.4 tons of gold during the month of February, placing it as the largest buyer of the yellow metal among the world’s central banks in the first quarter of quest’year.
According to the World Gold Council report for May 2022, the volume of gold at the Central Bank increased by 55% to reach 125.3 tons at the end of February, or 19.4% of total foreign exchange reserves. , which is the highest among the countries in the region.
The report indicated that Egypt is working to increase domestic long-term gold production through the Sukari mine and others, but the decline in the currency component within reserves could mean that the country has resorted to international markets to buy quantity of gold.
The Central Bank of Egypt announced that the value of gold included in foreign exchange reserves in February 2022 increased by approximately $ 2.703 billion, to reach $ 6.907 billion, compared to $ 4.204 billion at the end of January 2022, while the value of currencies foreign listed companies decreased to $ 31.585 billion, compared to $ 34.141 billion. The balance of special drawing rights amounted to $ 2.508 billion, compared to $ 2.2642 billion at the end of January 2022.
Egypt jumped to 33rd place globally and to fourth place in the Arab world after (Saudi Arabia, Lebanon and Algeria), after being ranked 41st globally and sixth in the Arab world in the Gold Council report of the month. in April, with 80.9 tons, in representing 12.4% of total reserves at the end of January.
Read More About: Business News