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Egypt’s gold reserves drop to $3.518bn in March

Egypt’s gold reserves drop to $3.518bn in March
Egypt’s foreign reserves went down to $40.108 billion

By: Heba El-Kordy

Cairo – Mubasher: Gold reserves in Egypt dropped by $70 million or 2% in March with the decline in net international reserves for the first time in 12 months.

Gold reserves fell to $3.518 billion last month from $3.588 billion in February, according to official data released by the Central Bank of Egypt (CBE).

Year-on-year, the contribution of gold reserves to Egypt’s international reserves increased by $690 million or 24% from $2.828 billion in March 2019.

Meanwhile, the contribution of foreign currency to international reserves shrank to $36.3 billion at the end of last month, its lowest level since January 2018, compared to $41.7 billion a month earlier.

It is noteworthy that Egypt’s foreign reserves went down to $40.108 billion at the end of March, compared to $45.510 billion in the previous month.