By: Heba El-Kordy

Cairo – Mubasher: Egypt’s gold reserves rose by $104 million or 3.9% month-on-month at the end of December 2018 despite the drop in the country’s foreign reserves for the first time after marking a 25-month increase.

The value of the precious metal stood at $2.716 billion at the end of December, compared to $2.612 billion a month earlier, the CBE highlighted.

Year-on-year, gold’s contribution to Egypt’s international reserves rose slightly last month, versus $2.673 billion in December 2017.

Foreign-currency contribution to Egypt’s foreign reserves narrowed down to $39.24 billion last December, versus $41.34 billion in the previous month.

Meanwhile, the North African country’s special drawing right (SDR) of the International Monetary Fund (IMF) declined to $586 million in December, versus $749 million in the same month a year earlier.

The most populous Arab nation’s foreign reserves fell by 4.4% month-on-month or $1.962 billion in December, data by the Central Bank of Egypt (CBE) showed.

Net foreign reserves recorded $42.55 billion at the end of December, versus $44.51 billion in November.

Prior to the 25th January revolution in 2011, Egypt’s foreign reserves amounted to around $36 billion.

Translated by: Mai Ezz El-Din