Egypt’s gold reserves hit $16.784 bln in June – CBE

Egypt’s gold reserves fell by 10.6 per cent month-on-month in June to $16.784 billion, down from $18.776 billion in May, according to provisional data released by the Central Bank of Egypt (CBE) on Wednesday.

The decline of $1.992 billion largely reflected valuation changes linked to fluctuations in global gold prices rather than a shift in the central bank’s reserve management strategy.

Despite the drop in gold holdings, Egypt’s net international reserves rose to a record $55.072 billion at the end of June, compared with $53.134 billion a month earlier.

Foreign currency reserves increased to $37.847 billion from $33.913 billion in May, marking an 11.6 per cent month-on-month rise, supported by stronger external inflows, higher remittances from Egyptians working abroad, and a gradual recovery in tourism receipts.

Gold remains a core component of Egypt’s international reserve portfolio, providing a hedge against global financial market volatility, although its value is subject to fluctuations in international bullion prices.

Source: Amwal Al Ghad English