Cairo – Mubahser: Gold’s contribution to Egypt’s foreign reserves rose 1.12% or $30 million month-on-month at the end of September 2017, according to data released by the Central Bank of Egypt (CBE) on Monday.
The precious metal’s contribution to the country’s foreign reserves reached $2.71 billion at the end of September, compared to $2.68 billion in August 2016.
The CBE had previously announced that gold reserves dropped marginally by 1% year-on-year, equivalent to $30 million in August 2017, compared to $2.74 billion in the prior-year period.
The bank noted that foreign exchange’s contribution to Egypt’s foreign reserves increased to $33.02 billion at the end of September, versus $32.6 billion in August 2017.
Furthermore, the CBE’s data showed Egypt’s net international reserves rose by $391 million to $36.535 billion in September from $36.143 billion in August.
