C.bank says Egypt’s gold reserves increase by 5% in January

Egypt’s gold reserves rose by $135 million or 5 percent  month-on-month in January 2018, according to the Central Bank of Egypt’s (CBE) data on Monday.

The value of the precious metal stood at $2.8 billion at the end of January, compared to $2.67 billion in December 2017.

Meanwhile, gold reserves surged by 15% year-on-year last month, against $2.45 billion in the prior-year period.

Foreign-currency reserves increased to $34.61 billion in January 2018, versus $23.13 billion in the year-ago period, the CBE highlighted.

The CBE last announced that Egypt’s foreign reserves rose by 3.2 percent in January 2018 to $38.209 billion from $37.019 billion in December.