Gold balance in Egypt’s foreign reserves rise 3.3% in October

Egypt’s monthly gold holdings of foreign reserves rose 3.3 percent to $2.631 billion at the end of October from $2.545 billion in September, central bank data showed on Monday.

The Central Bank of Egypt (CBE) announced on Monday that the country’s foreign reserves surged to $44.501 billion at the end of October, up slightly from $44.459 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.