Gold balance in Egypt’s foreign reserves fall to $2.73 bln in May

Egypt’s monthly gold holdings of foreign reserves fell 1.7 percent to $2.73 billion at the end of May from $2.78 billion at the end of April, the central bank said on Tuesday.

The Central Bank of Egypt (CBE) announced Monday that the country’s foreign reserves surged to $44.139 billion at the end of May from $44.029 billion at the end of a month earlier.

Egypt’s foreign reserves have been climbing since it secured a $12 billion, three-year International Monetary Fund loan programme in November 2016 as part of efforts to woo foreign investors and revive its ailing economy.