By Mostafa Adel
Cairo – Mubasher: The Egyptian government is waiting for the International Monetary Fund's (IMF) approval to add 700 kilograms of 21K gold to the country's foreign reserves, said a first-hand source at the Central Bank of Egypt (CBE) on Tuesday.
"Applicable International standards and norms require a highly pure 21K gold for fostering a country's foreign reserves, but the bank of Egypt has addressed the IMF for 700 Kilograms of 21K gold", the source told Mubasher.
The public treasury-owned volume of 21k gold will decrease to 612.5 kilograms, if sold to the central bank and revalued on 24K gold metric, the source indicated.
Earlier, a source at the Ministry of Finance (MOF) told Mubasher that " "the ministry's legal advisor studies the appropriate means to sell this public treasury-owned amount to the CBE as the existing MoF law requires holding a public auction for capturing the highest quote."
