Daily News Egypt

Increase of foreign exchange reserves at CBE, backed by gold in February - Daily News Egypt

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Increase of foreign exchange reserves at CBE, backed by gold in February

The value of gold included in the reserves increased by $170m to reach $2.62bn at the end of February


The value of gold in foreign exchange reserves at the Central Bank of Egypt (CBE) rose by about $170m to reach $2.62bn at the end of February, compared to $ 2.45bn in January 2017, prompting an increase of foreign exchange reserves in February.

A report published by the CBE on Thursday revealed that foreign exchange reserves increased to $26.542bn at the end of February, compared to $26.363bn at the end of January 2017.

This level of foreign exchange reserves is the highest since June 2011, when foreign reserves stood at $26.564bn.

According to the CBE’s data—posted on its website on Thursday—the volume of foreign currencies rose by about $41m to reach $23.149bn at the end of February, compared to $23.135bn at the end of January 2017.

The value of special drawing rights—supplementary foreign exchange reserve assets maintained by the International Monetary Fund (IMF)—listed in the reserve amounted to $756m at the end of February, compared to $763m in late January 2017. The value of the IMF loans amounted to about $36m.

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