International report: the Central Bank of Egypt bought 44.4 tons of gold last February

The World Gold Council announced that the Central Bank of Egypt bought 44.4 tons of gold last 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 pointed out 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 purchase quantities 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 4th place in the Arab world after (Saudi Arabia, Lebanon, 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, representing 12.4% of the total reserves at the end of January.

The balance of foreign cash reserves with the Central Bank of Egypt marked approximately 37.082 billion dollars at the end of last March, compared to 40.099 billion dollars at the end of the previous February.

The World Gold Council ranking includes the 100 largest gold-holding countries and institutions, including the International Monetary Fund and the European Central Bank.

And the World Gold Council report indicated that central banks around the world increased their reserves by 84 tons in the first quarter of the year, doubling purchase quantities from the previous quarter, but these quantities decreased by 29%. compared to the same quarter of 2021.

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