Egypt's gold reserves rose to $13.639 billion at the end of July from $13.586 billion in June, a 0.4 per cent increase, according to provisional data released by the Central Bank of Egypt (CBE) on Tuesday. The rise in gold holdings comes alongside a broader gain in net foreign reserves, which climbed to $49.036 billion from $48.700 billion, up 0.7 per cent month-on-month. Foreign currency holdings rose 0.4 per cent to $35.216 billion from $35.076 billion. While gold remains a key component of Egypt's reserve assets, the uptick reflects higher international gold prices and the CBE's strategy to diversify its reserve mix. The country's reserve position has been boosted in recent months by multilateral support, rising remittances, and a rebound in tourism inflows. Attribution: Amwal Al Ghad English Download
