Cairo – October 30, 2023: The Central Bank of Egypt (CBE) shared that its gold reserves saw a slight decline in September, recording LE 235.64 billion ($7.64 billion) from LE 242.42 billion ($7.86 billion) in August, according to the CBE's monthly balance sheet released on Sunday.
In the report, it added that its total assets dropped to LE 4.62 trillion in September from LE 4.76 trillion in August.
On Sunday, the Ministry of Supply and Internal Trade released a new resolution banning the trade, export, and import of precious metals without a permit from the Assay and Weights Administration (AWA). The decision was to better regulate the market, prevent fraud, and protect the rights of the state and merchants.
The ministry’s decision was met with praise from the Gold Division at the Cairo Chamber of Commerce. Nagy Farag, advisor to the supply minister for gold industry affairs spoke to local media, sharing that the new resolution will bolster the gold industry’s credibility, and guarantee customers' rights.
“The decision aims to provide safety in the market, but it won't have any impact on gold prices,” he explained.
Egypt’s current gold production is placed at around 15.8 tons annually.
In a February 2023 report, the World Gold Council revealed that the Central Bank of Egypt had the 3rd highest growing gold reserves in 2022, with the bank strengthening its gold reserves to 125 tons, with an increase of 47 tons in 2022, noting that the CBE bought about 44 metric tons of gold during February 2022.
The CBE recently increased the deadline for the transfer of proceeds for exports of gold artifacts and items to banks, upping it to 30 days from 7 days.
Be Social
Comments
Leave a Comment