Egypt’s gold reserves surge to $17.252 bln in November – CBE

Egypt’s gold reserves increased to $17.252 billion in November, up from $16.545 billion in October, the Central Bank of Egypt (CBE) said on Sunday. The $707 million rise reflects a 4.27 per cent month-on-month increase, supported by the bank’s ongoing strategy to diversify its reserve assets.

The growth in gold holdings came alongside a broader improvement in total net foreign reserves, which inched up 0.29 per cent to $50.216 billion from $50.071 billion a month earlier. Foreign currency reserves, however, slipped to $32.905 billion from $33.350 billion.

Gold remains a key pillar of Egypt’s reserve portfolio, with recent increases reinforced by multilateral financing inflows, stronger remittances, and a continued recovery in tourism.

Source: Amwal Al Ghad English