Value of CBE’s gold balances rose to $7.3bn in December 2022

The Central Bank of Egypt (CBE) revealed that the value of its gold balances increased to $7.3bn at the end of December 2022, compared to $7.078bn at the end of November 2022.

CBE said that the value of foreign currencies included in its cash reserve amounted to $26.669 billion, compared to $26.444 billion at the end of last November.

The balance of special drawing rights (SDRs) amounted to EGP13 million, compared to 15 million dollars at the end of last November.

However, CBE added that Egypt's net international reserves (NIRs) rose by $470 million to hit nearly $34 billion in December 2022, compared to $33.5 billion in November.

This is also the highest level since May 2022, recorded at about $35.5 billion.

As a result of the ramifications of the Russian-Ukrainian war, the NIRs dropped in March to $37 billion down from $40.9 billion in February