Egypt's gold reserves surged 12.46 per cent in September to $15.843 billion from $14.088 billion a month earlier, provisional data from the central bank showed on Monday. The rise in gold holdings comes alongside a broader gain in overall net foreign reserves, which rose 0.57 per cent month-on-month to $49.534 billion. By contrast, foreign currency holdings fell to $33.65 billion from $35.12 billion. Gold remains a cornerstone of Egypt's reserve assets, with the latest increase supported by higher international bullion prices and the central bank's diversification strategy. Reserves have also been buoyed in recent months by multilateral financing, stronger remittance inflows, and a recovery in tourism. In mid-September, Egypt's Public Prosecution announced plans to handover 200 kilograms of seized and refined gold bullion to the Central Bank of Egypt (CBE), in coordination with the finance ministry, in an unprecedented move to bolster foreign reserves. "This national initiative is the first of its kind and reflects the Public Prosecution's awareness of its responsibility to support the economy," Public Prosecutor Mohamed Shawky said during a meeting with Finance Minister Ahmed Kouchouk. He added that efforts remain focused on enhancing governance, safeguarding public funds, and prioritising cases with economic impact to serve the public interest. Attribution: Amwal Al Ghad English Download
