Gold holdings in Egypt’s foreign reserves hit $2.621 billion in March

Egypt’s gold holdings recorded around $2.621 billion of foreign reserves, almost 47.1 billion Egyptian pounds, at the end of March, the country’s central bank said Saturday.

In March 2016, gold holdings amounted to $2.533 billion, equivalent to 45.6 billion pounds.

The Central Bank of Egypt (CBE) announced a week earlier that the country’s foreign reserves reached highest levels since March 2011, to more than $28.5 billion by the end of March, from $26.5 billion in the month before.

In March, Egypt received the second $1 billion tranche from a $3 billion World Bank loan, as well as the second $500 million tranche from a $1.5 billion loan from the African Development Bank (AfDB).