Cairo – Mubasher: Egypt’s gold reserves increased by 3.4% month-on-month, or $94 million, at the end of January, data by the Central Bank of Egypt (CBE) showed on Wednesday.
The North African nation’s reserves of the precious metal valued at $2.804 billion last month, compared to $2.71 billion in December 2018, according to the CBE.
Year-on-year, gold reserves fell slightly in January, versus $2.808 billion in the same month a year earlier.
The North African country’s special drawing right (SDR) of the International Monetary fund (IMF) declined to $591 million last month, versus $769 million in January 2018.
Moreover, foreign-currency contribution to Egypt's international reserves fell to $39.21 billion at the end of January, versus $39.24 billion in the same month last year, the CBE highlighted.
The CBE had posted that Egypt's foreign reserves rose to $42.61 billion at the end of January.
It is worth noting that the Arab world's most populous country’s net foreign reserves stood at $42.55 billion last December.
Prior to the 25th January revolution in 2011, Egypt’s foreign reserves amounted to around $36 billion.
