Egypt 3rd in world in gold strategic reserves

CAIRO - 9 February 2023: Egypt has become the third in the world in terms of increasing the strategic reserves of gold, exceeding 125 tons, up from 75 tons, according to the advisor to the Minister of Supply for gold industry affairs, Nagy Farag.

 

“The hike in the gold reserves is a supportive force for the Central Bank of Egypt (CBE) and the Egyptian currency, which is beneficial to the national economy,” Farag elaborated.

 

Farag attributed to a TV channel, the reason for the increase in gold reserves, to the Central Bank’s purchase of the bullion production of Egyptian mines.

 

He pointed out that the last mine opened and put into operation was the "Iqat" mine in the middle of the eastern desert, with a strategic reserve of more than one million ounces.

 

“There are approximately 7 or 8 regions in Egypt rich in gold, among them: the Golden Triangle and Sukkari; which will strongly support the strategic reserves of gold,” he added.

 

He also confirmed the existence of stability and constancy in the price of gold, indicating that there has been no fundamental change in its prices since 20 days, as the price of 21 carat is currently LE 1,720, and despite that, there is a great demand from Egyptians to buy it as a kind of investment.