Gold Reserves Jump to Highest Level in Egypt

Egypt's gold reserves rose in August to record the highest level in the country's history.

Official data showed that gold reserves rose to $ 3.32 billion in August from $ 3.05 billion in July, an increase of 8.47%. Global prices have experienced spring since late July due to the US-China trade war.

According to the data, the yellow metal contributions to share capital in Egypt's foreign currency reserves rose 8.6 percent or $ 265 million in August.

Gold prices in Egypt rose to a record high with expectations of continued rise until the end of 2019.

The contribution of foreign currencies fell to $ 41.27 billion at the end of August, compared to $ 41.41 billion in the previous month.

The Central Bank of Egypt (CBE) announced that Egypt's foreign exchange reserves rose by $ 53 million at the end of July, on a monthly basis to record $ 44.969 billion compared with $ 44.916 billion at the end of July.

According to the CBE, the rise in the value of gold at the Central Bank contributed 42% of the increase in reserves last month, where the value of gold rose to about $ 3.059 billion by the end of July, an increase of $ 238 million, the highest since February 2016.

Gold Reserves in Egypt increased to 78.60 Tonnes in Q2 2019 from 78.40 tonnes in Q1 2019.

In Egypt, Gold reserves averaged 75.81 tonnes from 2000 until 2019, reaching an all-time high of 78.60 Tonnes in Q1 2019 and a record low of 75.58 tonnes in Q3 2016.