- The World Gold Council has recently reported that the Central Bank of Egypt (CBE) bought 44 tons of gold last February, becoming the top buyer of gold among the central banks in the world during the first quarter of 2022.
The World Gold Council has recently reported that the Central Bank of Egypt (CBE) bought 44 tons of gold last February, becoming the top buyer of gold among the central banks in the world during the first quarter of 2022. The total holdings of the country stood to 125.3 tons, which is equivalent to 19.4 percent of the total Egyptian reserves. The market for Gold has leapt up amidst the economic instability created by the Russian-Ukrainian crisis.
According to reports the country has resorted to international markets to buy quantities of gold. However, The Central Bank of Egypt (CBE) has not issued any statement or released any data about gold purchases. Egypt is also planning to hike its domestic gold production in the long term through the Sukari mine and others.The World Gold Council was set up in 1987 with leading gold mining companies as its members.
Also read; https://trendsnafrica.com/egypts-exports-to-turkey-pick-up/
https://trendsnafrica.com/financial-inclusion-index-of-egypt-goes-up/
