By: Heba El-Kordy
Cairo – Mubasher: Gold reserves in Egypt fell for the third successive month in a row due to global pressures, recording $4.082 billion in November, down by $246 million from $4.328 billion in October, according to data by the Central Bank of Egypt (CBE).
Year-on-year (YoY), gold contribution to international reserves leapt by 30% from $3.14 billion in November 2019.
Globally, the precious metal lost for the fourth consecutive month, falling by about 5.6% in November.
At the end of November, Egypt’s net international reserves edged up to $39.221 billion from $39.22 billion in October.
Meanwhile, the contribution of foreign currencies to Egypt’s international reserves grew to $35.03 billion at the end of last month, compared to $34.68 billion a month earlier.
YoY, foreign currency reserves fell by $6.9 billion or 16.4% from $41.93 billion in November 2019.
In May, Egypt secured a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI).
In addition, the government reached a staff-level agreement with the IMF for a $5.2 billion standby loan.
