Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt's Gold Reserves, SDRs witness Steady Growth


Mon 07 Jan 2019 | 11:08 PM
Taarek Refaat

By: Taarek Refaat

CAIRO, Jan. 7 (SEE)- The Central Bank of Egypt (CBE) data disclosed that the gold reserves and the Special Drawing Rights (SDRs) witnessed a Steady Growth, while the foreign exchange reserves declined by more than $ 2 billion last December.

It is the first time that foreign reserves have declined since the liberalization of the exchange rate in November 2016.

In December, Data recorded a $ 2.068 billion decline in foreign exchange reserves reaching $ 39.242 billion down from $ 41.310 billion a month earlier, while the gold balance increased by $ 104 million and the SDRs increased by $ 6 million.

The net foreign exchange reserves fell by about $ 2 billion last December to reach $ 42.551 billion compared to $ 44.513 billion at the end of last November.

The balance of gold reserves rose to $ 2.716 billion against $ 2.612 billion, while SDRs reached $ 586 million, compared to $ 580 million last month.

The SDR is an international reserve asset, designed by the International Monetary Fund (IMF) in 1969 to enhance its member countries' official reserves

The value of the SDR is determined by a basket of five major currencies including the US dollar, the euro, the yen, and the sterling as well as the Chinese yuan as of October 1, 2016.