$53m decrease in value of gold listed in foreign exchange reserves in May

he value of gold listed in the foreign exchange reserves decreased by 53m in May, according to the Central Bank of Egypt (CBE).

The bank said, in its monthly report on foreign exchange reserves, that the value of gold listed within the reserves amounted to 2.513bn in May compared to 2.566bn in April.

The decline in the value of the gold listed within the reserves came due to the decline in its prices globally. This is just a book loss, as the CBE did not sell any of this gold.

At the same time, the CBE said that its foreign currency supply increased to 13.801bn in May, compared to 13.237bn in April, an increase of 564m.

In addition to gold and foreign currencies, the foreign exchange reserves at the CBE consist of 1.18bn representing the Special Drawing Rights (SDRs) and 52m of loans from the International Monetary Fund (IMF).

Currently, the CBE is waiting for liquidity estimated at approximately EGP 4.5bn to come from the United Arab Emirates and Saudi Arabia to support its balances of foreign exchange reserves.