CBE: Gold reserves grow by 11.2%, reaching $ 9.4 Bn by April -2024end
First Bank
According to the latest data from the Central Bank of Egypt, released recently on its official website, revealed an increase of 11.18% in the gold balance included in foreign exchange reserves reaching $9.384 bn at the end of last April 2024, compared to $ 8.440 bn at the end of December 2023, with an increase of $944 mn.
On a monthly basis, Egypt's gold reserves increased by 1.98%, to record $8.258 bn by the end of November 2023, compared to $8.098 bn by the end of October 2023, with an increase of $160 mn.
Gold constituted about 22.85% of the total foreign exchange reserves by the end of April 2024.
The balance of Special Drawing Rights (SDRs) surged to $300 mn by the end of April 2024, compared to $36 mn by the end of December 2023. with an increase of $264mn, thus accounting for 0.73% of the total foreign exchange reserves.
The value of foreign currencies included in the foreign exchange reserves increased to $31.375 bn by the end of April 2024, compared to $26.745 bn by the end of December 2023, representing 76.41% of the total foreign exchange reserves.
