Cairo – Mubasher: Gold’s contribution to Egypt’s international reserves on Wednesday dropped by 3.9%, or $110 million, year-on-year in July 2017, according to the Central Bank of Egypt’s (CBE) monthly report.
The value of gold’s contribution to the reserves amounted to $2.62 billion in July 2017, compared to $2.73 billion in July 2016.
The CBE stated that Egypt’s gold reserves rose by $27 million during July 2017, after they had amounted to $2.602 billion by the end of June 2017.
Egypt’s special drawing rights (SDR) in the International Monetary Fund (IMF) went up to $778 million in July 2017.
The contribution of foreign currencies to the international reserves soared 172% to $32.6 billion in July 2017 from $11.99 billion in July 2016.
The CBE reported that Egypt's net international reserves rose by $4.731 billion to $36.03 billion; their highest level since the 2011 revolution.
