The Central Bank of Egypt (CBE) boosted its gold reserves from the Sukari mine with 999,0 pure gold.
CBE bought about 270 kg of gold from the Sukari mine from March until the end of July.
The total gold reserves at the central bank amounted to about 125,670 tons at the end of July, compared to 125.4 tons at the end of February, according to the World Gold Council.
Last February, the bank bought 44 tons, which raised gold reserves from 80.9 tons to 125.4 tons, and last May, the central bank decided to increase its purchases of gold from the Sukari mine.
CBE increased its purchases by 60% to EGP 80 million on a monthly basis, and EGP 960 million annually compared to EGP 600 million, last year.
In 2017, the bank inked an agreement with Centamin to buy gold worth EGP 50 million on a monthly basis.