Egypt’s gold reserves hit $7.9 billion in May – c.bank

Egypt’s gold reserves, a major component of foreign cash reserves, rose to $7.949 billion at the end of May from $8.031 billion at the end of April, a central bank data showed on Tuesday.

The foreign currencies’ value included in the cash reserve rose to $26.686 billion by the end of May, compared to $26.173 billion by the end of April.

The central bank also announced a rise in Egypt’s net foreign reserves to $34.660 billion at the end of May from $34.551 billion at the end of April.

Foreign currencies in Egypt’s foreign reserves are the U.S. dollar, euro, Australian dollar, Japanese yen, and Chinese yuan. The provision of foreign exchange, including gold and various international currencies, is designated to pay for imports, repay foreign debts, and cope with any economic crises in exceptional circumstances.