Cairo – Mubasher: Egypt’s gold reserves increased by $238 million, or 8.4%, month-on-month in July, according to data released by the Central Bank of Egypt (CBE) on Wednesday.

Reserves of the precious metal reached $3.059 billion in the seventh month of 2019, compared to $2.821 billion in the prior month.

Year-on-year, the North African nation’s gold reserves grew from $2.58 billion in July 2018.

Meanwhile, Egypt’s foreign reserves rose by $565 million to $44.916 billion in July, compared to $44.351 billion a month earlier, the CBE announced on Tuesday.

On the other hand, the most populous Arab nation’s special drawing right (SDR) of the International Monetary Fund (IMF) retreated to $443 million in July, compared to $689 million in the same month a year earlier.

In addition, Egypt’s foreign-currency contribution to the Arab country's international reserves increased to $41.4 billion at the end of the seventh month of 2019, compared to $41.07 billion in the same month a year earlier.