Egypt’s gold reserves hit $18.776 bln in May: CBE

Egypt’s gold reserves fell to $18.776 billion in May, down from $19.201 billion in April, central bank data showed on Sunday.

The $425 million decline represents a 2.21 per cent month-on-month decrease, reflecting fluctuations in global gold prices.

Egypt’s net international reserves rose to $53.134 billion at the end of May, up from $53.009 billion in April.

Foreign currency reserves increased to $33.913 billion from $33.257 billion, a rise of $656 million, or 1.97 per cent month-on-month, supported by external inflows, remittances, and a gradual recovery in tourism receipts.

Gold remains a key component of Egypt’s reserve portfolio, serving as a hedge against global financial volatility despite price-driven valuation swings in international markets.

Source: Amwal Al Ghad English