The Central Bank of Egypt (CBE) raised its gold reserves by 44 tons during February, making it the largest purchaser of gold among global central banks during Q1 of 2022, according to World Gold Council.
The central bank's gold volume increased by 54% to reach 125 tons at the end of February, or 19% of the total foreign currency reserves, the highest in the region.
The report indicated that Egypt is working to increase domestic gold production in the long term through the Sukari mine and others, but the decline in the foreign exchange reserves may mean that the country has resorted to international markets to buy quantities of gold.
CBE announced that the value of gold in reserves during February 2022 increased by about $2.703 billion to $6.907 billion, compared to $4.204 billion at the end of January.
The report added that central banks around the world boosted their reserves by about 84 tons in Q1, doubling the purchase quantities from Q4, yet, these quantities dropped by 29%, year-on-year.
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