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Egypt’s gold reserves rise 21.5% in 2019

Egypt’s gold reserves rise 21.5% in 2019
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Cairo – Mubasher: Egyptian gold reserves increased by 21.5% or $585 million to reach $3.301 billion by the end of December 2019, compared to $2.71 billion at the end of 2018.

On a monthly basis, gold’s share in Egypt’s reserves rose by around 5% or $153 million in December 2019 from its level in November at $3.148 billion.

The precious metal recorded its largest annual gains in 9 years by the end of 2019, and gold prices continue to increase globally, amid rising geopolitical tensions, reaching a seven-year high earlier today.

Foreign exchange’s share in Egypt’s reserves declined to $41.84 billion in December, from $41.93 billion in a month earlier.

By the end of December, Egypt’s net international reserves increased by 0.14% or $65 million to $45.419 billion, up from $45.354 billion in November, according to the Central Bank of Egypt (CBE).