Cairo – Gold reserves in Egypt increased by $101 million to a record $3.805 billion in May, compared to $3.704 billion in April on the back of rising global gold prices amid concerns over the coronavirus (COVID-19) pandemic.

Year-on-year (YoY), the contribution of gold to Egypt’s international reserves hiked by 38% from $2.752 billion in May 2019, according to data released by the Central Bank of Egypt (CBE).

Meanwhile, the country’s foreign reserves fell by more than $1 billion to $36.003 billion in May.

Globally, gold prices advanced by 3.4% or $57.5 during May due to the depreciation of the US dollar and the falling stocks.

The contribution of foreign currency reserves declined by 3.1% to $32.09 billion in May, its lowest level since June 2017, compared to $33.142 billion a month earlier.

YoY, the contribution of foreign currency reserves retreated by $8.98 billion or 21.8% from $41.07 billion in May 2019.

On 12 May, the most populous Arab nation received a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI) to help mitigate the impact of the coronavirus (COVID-19).

On Friday, Egypt reached a staff-level agreement with the IMF on a $5.2 billion standby loan.

Source: Mubasher

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