CBE: Gold reserves grow by 7.33%, reaching $7.863 bn by August 2023 end
First Bank
The latest data from the Central Bank of Egypt, released recently on its official website, revealed a yearly increase of 7.33% in the gold balance included in foreign exchange reserves, reaching $ 7.863 bn by the end of August 2023, compared to $7.326 bn by the end of December 2022, with an increase of $ 537 mn.
Gold constituted about 22.51% of the total foreign exchange reserves, which amounted to $ 34.928 bn by the end of August 2023.
The balance of Special Drawing Rights (SDRs) surged to $ 30 mn by the end of August 2023, compared to $13 mn by the end of December 2022, with a growth rate of 130.77%, and an increase of 17mn, thus accounting for 0.09% of the total foreign exchange reserves.
The value of foreign currencies included in the foreign exchange reserves $ 27.037 bn by the end of August 2023, compared to $26.669 bn by the end of December 2022, with a growth rate of 1.38%, and an increase of 368mn.
Foreign currencies accounted for the largest share of total foreign exchange reserves, as their share reached 77.41% by the end of August 2023.
It is worth noting that net international reserves reached $ 34.928 bn at the end of August 2023, compared to $ 34.878 bn at the end of the previous July.
