Cairo – Mubasher: Gold's contribution to Egypt's foreign reserves in March 2017 increased by 3.5% year-on-year, according to data released by the Central Bank of Egypt (CBE).
The precious metal's contribution amounted to $2.621 billion last month compared to $2.533 billion in the year-ago period.
Foreign currency contributions in March this year jumped 95.8% to $25.125 billion from $12.829 billion in the same period in 2016, according to the CBE.
The Egyptian Cabinet said that foreign currency reserves reached a record high since March 2011 to $28.5 billion by the end of March 2017.
On 3 November 2016, the CBE floated the Egyptian pound against foreign currencies. This step came to meet the requirements set by the International Monetary Fund (IMF), which later approved a $12 billion loan to be provided to the country on three instalments.
