Egypt’s gold reserves rise to $7.9 billion at end-June

Egypt’s gold reserves, a major component of foreign cash reserves, rose to $7.974 billion at the end of July from $7.738 billion at the end of June, a central bank data showed on Sunday.

Egypt’s net foreign reserves surged to $34.878 billion at the end of July from $34.806 billion at the end of June.

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.