CBE's gold reserves decline by $210M during April

CAIRO - 10 May 2022: Value of gold recorded in the foreign exchange reserves of the Central Bank of Egypt (CBE) decreased by about $210 million during April, on a monthly basis.

 

According to Central Bank data published on its website, the value of gold recorded in foreign exchange reserves amounted to about $7.597 billion at the end of last April, compared to about $7.807 billion at the end of March.

 

The value of gold in foreign exchange reserves increased by about $3.6 billion during February and March, which coincided with the period that the recently issued World Gold Council report indicated that the Central Bank of Egypt purchased 44 tons of gold (in February specifically), bringing the total reserves of Gold at the bank to 125 tons.

 

Despite the decline in the value of gold in reserves during April, foreign exchange reserves rose during the month by about $42 million to reach $37.124 billion at the end of April, compared to about $37.082 billion at the end of March.

 

Global gold prices fell during the fourth month of 2022 by about 2.1 percent compared to the end of March, to reach the price of an ounce to $1896.93 at the end of trading last month.

 

On the other hand, the Central Bank's foreign exchange reserves rose during April by about $258 million, to reach about $29.334 billion at the end of the month, compared to about $29.076 billion at the end of last March.

 

While the bank's reserve of special drawing units decreased to $198 million at the end of last April, compared to $205 million at the end of last March.