Egypt’s gold reserves inch up to $18.166 bln in December – CBE

Egypt’s gold reserves increased to $18.166 billion in December, up from $17.252 billion a month earlier, the Central Bank of Egypt (CBE) said on Tuesday.

The $914 million gain, equivalent to a 5.3 per cent month-on-month rise, reflects the bank’s strategy to diversify its reserve assets.

The increase in gold came alongside a 2.5 per cent rise in total net foreign reserves to $51.452 billion from $50.216 billion, while foreign currency reserves edged down to $33.232 billion from $32.905 billion.

Gold remains a key pillar of Egypt’s reserves, supported by multilateral financing inflows, remittances and a gradual recovery in tourism.

Source: Amwal Al Ghad English