Egypt’s gold reserves dip 0.3% in Q4: Gold Council

Egypt’s gold holdings dipped by 0.3 percent during the fourth quarter, recording 76.3 tonnes compared to 76.6 tonnes last year, the World Gold Council said in recent report.

The Central Bank of Egypt (CBE) announced a week earlier that the country’s foreign reserves surged to $36.723 billion by the end of November, from $36.703 billion in the month before.

Egypt’s foreign reserves have been rising since it clinched a $12 billion three-year loan from the International Monetary Fund in November in a bid to lure back foreign capital.

The currency composition of Egypt’s foreign exchange reserves is the U.S. dollar, euro; pound sterling; and Japanese yen.

The World Gold Council is a market development organisation for the gold industry, with the purpose to be the global authority on the gold market.