Cairo – 8 /2 / 2023
Despite the significant rises of the US dollar against the Egyptian pound, Egypt ranked third among the most developed countries in increasing gold reserves over the past year. This comes at a time when the dollar recorded record highs against the Egyptian pound since the start of the Central Bank of Egypt’s movements last March until now.
According to data from the World Gold Council, The year 2022 witnessed Egypt’s tendency to buy about 47 tons over the past year. And 44 tons were added to the reserve in February at once. And the purchase of approximately 64 kilos at a later stage, to record 125.55 tons of gold reserves in Egypt.
The report revealed, That the Central Bank of Egypt was the largest buyer of gold among global central banks during the first quarter of 2022, After acquiring during February 44 tons of the precious metal
At the same time, Egypt is working to increase domestic gold production in the long term through the Sukari mine and others. Egypt also expanded in issuing tenders for gold exploration last year. English, Canadian and Egyptian companies won an international bid to explore for gold and minerals in Egypt’s eastern desert.
The gold balance in Egypt at the end of last year is equivalent to about 1% of the total global gold reserves. Equivalent to 1658 thousand ounces.
was the world gold council, has been announced in previous statements, That the Middle East region was the largest active buyer of gold during the past year, Egypt’s balance amounted to about 47 tons. Qatar also bought about 35 tons. Iraq bought about 34 tons. The United Arab Emirates also bought about 25 tons. While the Sultanate of Oman bought about 2 tons.
Central Asia also saw a high level of buying. Despite starting the year as a net seller, While the Central Bank of Uzbekistan ended the year as a net buyer of gold, Its gold reserves increased by 34 tons.
in Egypt data revealed, That the Egyptians spent nearly $ 2.2 billion on buying the yellow metal during 2022, Compared to the volume of spending during 2021, which amounted to 1.97 billion dollars, with a growth rate of about 11%.
pointed out, That Egypt over the past year bought nearly 38 tons of gold, compared to 34.1 tons in 2021. data explained, That the demand for the yellow metal in Egypt rose to its highest level since 2013, Egypt has a share of up to 1% of the total global demand for gold by the end of last year.
During the last quarter of last year, The Egyptians bought about 10.1 tons of gold. compared to about 8.6 tons during the same period in 2021. While the value of purchases jumped by up to 18%, to record $562.3 million during the last quarter of 2022, compared to $493.9 million during the last quarter of 2021
