Egypt’s gold reserves grow to $3.705 billion in April – c.bank

Egypt’s gold reserves, a major component of foreign cash reserves, surged to around $3.705 billion in April from $3.518 billion in March, the central bank said on Thursday.
The country’s foreign reserves dropped to $37.037 billion at the end of April from $40.108 billion at the end of March, the bank added.
Foreign currencies in Egypt’s foreign reserves consist of the US dollar, euro, Australian dollar, Japanese yen, and Chinese yuan. The provision of foreign exchange, including gold and various international currencies, is designed to pay for imports, repay foreign debts, and cope with any economic crises in exceptional circumstances.