Value of gold in Egypt's foreign reserves hikes to $7.950B by end of March

CAIRO - 6 April 2023: The value of gold listed in foreign exchange reserves increased $578 million at the end of last March, to reach $7.950 billion, compared to $7.372 billion at the end of February 2023, according to data issued by the Central Bank of Egypt (CBE).

 

On another note, the CBE decided to amend the time period for following up the gold proceeds and excluding some cases related to the proceeds of gold export operations, so that the receipt of the proceeds and their dues will be followed up within 30 working days from the date of shipment.

 

These exceptions include the operations of exporting gold for the purpose of manufacturing it abroad and then re-importing it, with regard to following up on the arrival of artifacts, as well as the operations through which gold is imported for local manufacture and then re-exported, with regard to following up on the receipt of receivables for manufacturing.

 

The Central Bank of Egypt had issued instructions to banks, in order to tighten control over the supply of gold export proceeds, explaining that this comes due to the nature of its trade movement.

 

The Central Bank instructed the banks, in the event that the proceeds of gold export operations are not received within a maximum period of 7 working days from the date of shipment, and after the bank followed up with the customer, within a maximum of 3 subsequent working days, to inform the Central Bank of the data of the customer.