The Information and Decision Support Center of the Egyptian Cabinet revealed that the report issued by the World Gold Council for 2022 indicated that the Central Bank of Egypt purchased 44 tons of gold during the month of February, which made it classified as the largest buyer of the yellow metal among global central banks during the first quarter of 2022. .
The report added, “The volume of gold at the Central Bank of Egypt increased by 54 percent to reach 125 tons by the end of February, or 17 percent of the total Egyptian reserves, which is the highest among the countries in the region.”
According to the center’s report, “The World Gold Council’s classification includes the 100 largest gold-holding countries and institutions, including the International Monetary Fund and the European Central Bank.”
The government report indicated that Egypt is working to increase domestic gold production in the long run through the Sukari mine and other mines.
The recent period witnessed widespread controversy in the local media and through social networking sites, after reports were published about Egypt’s purchase of this large amount of gold, but without any official confirmation until Tuesday.
According to the available information, Egypt produces about 16 tons of gold every year, mostly from the Sukari mine in the southern governorate of Aswan.
Although the Central Bank of Egypt did not officially disclose the purchase of gold, it announced earlier that the value of gold included in the foreign exchange reserves during February 2022 increased by about $2.703 billion, to reach $6.907 billion, compared to $4.204 billion at the end of January 2022.
While the value of foreign currencies included in the cash reserve declined to $31.585 billion, compared to $34.141 billion, and the SDR balance amounted to $2.508 billion, compared to $2.2642 billion at the end of January 2022.