Egyptian gold reserves fall to $2.73 bln in May

Egypt’s gold reserves dropped by $50 million or 0.7 percent month-on-month in May 2018 to around $2.73 billion from $2.78 billion.

Meanwhile, gold reserves rose 3.6 percent year-on-year last month, versus $2.63 billion in May 2017, according to data released by the Central Bank of Egypt (CBE) on Tuesday.

The country’s special drawing right (SDR) of the International Monetary fund (IMF) fell to $694 million last May.

The CBE also revealed that foreign-currency contribution to Egypt’s international reserves rose to $40.69 billion by at end of May 2018, compared to $27.6 billion in the same month of 2017.

The bank also posted that the North African nation’s net foreign reserves increased slightly to $44.138 billion in last month, compared to $44.029 billion at the end of April 2018.