By: Heba El-Kordy
Cairo – Mubasher: Gold reserves in Egypt declined by $119 million to $3.148 billion in November, compared to $3.267 billion in October, in tandem with the decline in gold prices globally.
Year-on-year, the contribution of gold to Egypt’s international reserves increased by 20% from $2.6 billion in November 2018, according to data released by the Central Bank of Egypt (CBE).
Meanwhile, the contribution of foreign currency to international reserves grew to $41.93 billion at the end of last month, compared to $41.61 billion a month earlier.
During November, gold prices fell by 4%, their biggest loss since November 2016 as optimism around a trade deal between the US and China lowered demand for safer assets such as the previous metal.
It is noteworthy that Egypt’s foreign reserve increased by 0.24% to $45.354 billion in November, compared to $45.246 billion in October.