Egypt’s gold holdings rise to $17.1 bln in July – CBE

Egypt’s gold reserves rose 2.12 per cent month on month to $17.139 billion at the end of July from $16.784 billion in June, according to provisional Central Bank of Egypt (CBE) data released on Wednesday.

Gold holdings increased by $355 million from the previous month.

Egypt’s net international reserves rose to a record $56.294 billion at the end of July from $55.072 billion a month earlier, while foreign currency reserves increased 2.28 per cent to $38.711 billion from $37.847 billion.

Gold remains a key component of Egypt’s international reserve portfolio, providing diversification and a hedge against financial market volatility, although its value fluctuates with international bullion prices.

Source: Amwal Al Ghad English