Egypt’s gold reserves hit $9.384b in April – report

Egypt’s gold reserves, a major component of international reserves, surged to $9.384 billion at the end of April up from $9.003 billion at the end of March, central bank data showed on Tuesday.

The foreign currencies’ value included in the cash reserve increased to $31.375 billion by the end of April, compared to $31.313 billion by the end of March.

The central bank’s report also announced a growth in Egypt’s net foreign reserves to $41.057 billion at the end of April from $40.361 billion at the end of March.

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.