Egypt’s gold reserves inch up to $7.6 billion at end-Sept

Egypt’s gold reserves, a major component of foreign cash reserves, inched up to $7.644 billion at the end of September 2023 from $7.326 billion at the end of December 2022, a central bank data showed on Wednesday.

The country’s net foreign reserves surged to $34.970 billion at the end of September from $34.928 billion at the end of August, a central bank data also showed.

Foreign currencies in Egypt’s foreign reserves involve the U.S. dollar, euro, Australian dollar, Japanese yen, and Chinese yuan. The provision of foreign exchange, including gold and various international currencies, aims to pay for imports, repay foreign debts, and cope with any economic crises in exceptional circumstances.