02:41 PM
Sunday 09 February 2020
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Books – Mostafa Eid:
The central bank’s gold reserves led the net foreign exchange reserves to increase during last January for the second month in a row to maintain its continuous rise for the thirteenth month in a row.
Central bank data showed that the net foreign exchange reserves increased by the end of last January to $ 45.457 billion compared to $ 45.420 billion in December, an increase of $ 37 million, setting a new record.
The increase in the reserve is due to the increase in the value of gold recorded in the reserve with the Central Bank during the month of January, at a value of $ 123 million, an increase of 3.7%, to reach about $ 3.42 billion at the end of last month, compared to about $ 3.3 billion at the end of December.
The increase in the value of gold recorded in foreign exchange reserves during January coincided with an increase in world prices by about 71.9 dollars an ounce, or 4.7%, to reach at the end of last month to 1589.16 dollars compared to 1517.27 dollars at the end of last December, according to Bloomberg Network data.
In contrast, the value of the foreign currency reserves of the Central Bank decreased to 41.756 billion dollars at the end of January, compared to 41.840 billion dollars at the end of December, a decrease of 84 million dollars, to lose about 174 million dollars in the last two months.
The central bank’s reserves fell slightly to 279 million dollars at the end of January, compared to 280 million dollars at the end of December.
Also read:
The journey of foreign exchange reserves for Egypt from the collapse to the record (Interactive graph)
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