Cairo – Mubasher: Gold’s contribution to Egypt’s foreign reserves has increased by 5%, or $124 million year-on-year by the end of May 2017, according to data released by the Central Bank of Egypt (CBE) on Wednesday.
The precious metal’s contribution to the country’s foreign reserves reached $2.637 billion by the end of May, compared to $2.513 billion in the same period in 2016.
Meanwhile, foreign currencies’ contribution to the reserves amounted to $27.694 billion in May, compared to $25.215 billion in the April.
The CBE had previously announced that Egypt’s foreign reserves had jumped to $31.12 billion by the end May, compared to $28.6 billion the month before.
Egypt is set to receive $1.25 billion as a second tranche of the loan from the International Monetary Fund (IMF) in the second half of June.
