CBE: Gold reserves grow by 8.85%, reaching $7.974 bn by the end of July 2023

The latest data from the Central Bank of Egypt, released recently on its official website, reveals a yearly increase of 8.85% in the gold balance included in foreign exchange reserves, reaching $7.974 bn by the end of July 2023, compared to $7.326 bn by the end of December 2022, with an increase of $648 mn.

Gold constituted about 22.86% of the total foreign exchange reserves, which amounted to $34.878 bn by the end of July 2023.

The balance of Special Drawing Rights (SDRs) surged to $376 mn by the end of July 2023, compared to $13 mn by the end of December 2022, thus accounting for 1.08% of the total foreign exchange reserves.

The value of foreign currencies included in the foreign exchange reserves increased to $26.530 bn by the end of July 2023, compared to $26.669 bn by the end of December 2022, representing 76.06% of the total foreign exchange reserves.

It is worth noting that net international reserves reached $34.878 bn at the end of July 2023, compared to $34.807 bn at the end of the previous June.