Cairo – Mubasher: Gold reserves in Egypt retreated for the second month in a row due to global pressures, registering $4.328 billion in October, down by $33 million or 0.75% from $4.361 billion in September, according to data by the Central Bank of Egypt (CBE).
From January to October, gold reserves rose by $1.02 billion from $3.301 billion at the end of 2019.
Year-on-year (YoY), gold contribution to international reserves jumped by $1.06 billion or 33% from $3.26 billion in October 2019.
Globally, the precious metal lost for the third consecutive month, falling by about 0.8% in October.
At the end of October, Egypt’s international reserves grew to $39.22 billion, compared with $38.425 billion in September.
Meanwhile, the contribution of foreign currencies to Egypt’s international reserves increased to the highest level since the outbreak of the coronavirus (COVID-19), registering $34.68 billion in October from $33.85 billion a month earlier.
YoY, foreign currency reserves declined by $6.9 billion or 16.6% from $41.6 billion.
