Egypt’s gold reserves rise to $19.201 bln in April – CBE

Egypt’s gold reserves rose slightly in April to $19.201 billion, up from $19.188 billion in March, Central Bank of Egypt (CBE) data showed on Wednesday.

The $13 million increase represents a 0.07 per cent month-on-month rise, reflecting modest gains in valuation and continued stability in Egypt’s reserve composition.

Egypt’s net international reserves also climbed to $53.009 billion at the end of April, compared with $52.831 billion in March.

Foreign currency reserves recorded a stronger increase, rising to $33.257 billion from $33.097 billion, an increase of $160 million, or 0.48 per cent month-on-month, indicating improved liquidity supported by inflows from external financing, steady remittances, and a gradual recovery in tourism revenues.

Gold remains a key component of Egypt’s reserve structure, acting as a hedge against global financial volatility, even as its valuation fluctuates with international market movements.

Source: Amwal Al Ghad English