Egypt’s gold reserves inch up to $7.326 billion at end-2022

Egypt’s gold reserves, a major component of foreign cash reserves, inched up to $7.326 billion at the end of December from $7.078 billion at the end of November, a central bank data showed on Tuesday.

The country’s net foreign reserves surged to $34.002 billion at the end of December from $33.532 billion at the end of November.

Foreign currencies in Egypt’s foreign reserves include the U.S. 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.