Egypts gold reserves jump $775mln in H1 2020

Cairo –  Gold reserves in Egypt continued its upward trend, rising to a new record of $4.076 billion in June, up from $3.805 billion in May, according to data released by the Central Bank of Egypt (CBE).

During the first half of 2020, the country’s gold reserves increased by $775 million from $3.301 billion at the end of 2019.

Year-on-year (YoY), gold reserves jumped by 44.4% or $1.25 billion from $2.821 billion in June 2019.

Globally, the previous metal gained $203.9 or 12.8% during the second quarter of 2020, the largest quarterly increase since the end of March 2016, amid rising concerns over the coronavirus pandemic and the unprecedented stimulus measures adopted by central banks worldwide.

Meanwhile, the country’s foreign reserves increased by $2.2 billion to $38.201 billion at the end of June.

In addition, the contribution of foreign currency reserves rose to $33.83 billion in June from $32.09 billion in May, but declined by 17.9% YoY from $41.2 billion in June 2019.