Egypt ranks 3rd globally in gold reserves

Newspaper Title: https://egyptindependent.com/

Newspaper Number:

Thursday - 9 February 2023

Egypt is ranked 3rd globally in gold reserves, Nagy Farag, Advisor to the Minister of Supply for Gold Industry Affairs, said.

He further explained that Egypt has become the third in the world in terms of increasing strategic reserves.

Farag added, during a telephone conversation with TV presenter Azza Mustafa, presenter on Sada al-Balad channel, Wednesday, that the Egyptian government raised its gold reserves from 75 tons to 125 tons, an increase of 45 tons.

This is a very good development, and a strong force for the Central Bank and for the stability of the Egyptian economy.

He attributed the reason behind the rise in gold reserves to the Central Bank buying the production of gold mines, adding that Egypt has between eight regions rich in gold, including the Golden Triangle, Sukkari and Hamish areas.

Farag explained that the global price of gold increased because it is linked to global events, especially the Russian-Ukrainian war.

All of the central banks in the world, including the US, which represents the highest global gold reserves, hedge in light of crises with gold, since gold is the only internationally approved currency.

The price of gold in Egypt, for 21 karat gold is  LE1,720. 

Subsequently gold prices have stabilized 20 days ago.

Gold prices in Egypt are determined according to the global stock market, where the price of gold reached US$2,000 an ounce and is expected to reach $3,000 in the coming period in light of the global crisis.