The increase in the value of gold listed in the foreign exchange (FX) reserves at the Central Bank of Egypt (CBE) curbed the fall in the value of total reserves during December 2018. On Monday, the CBE disclosed that its FX reserves had declined by about $1.963bn at the end of December 2018 to $42.551bn against $44.514bn in November. According to data obtained by Daily News Egypt, foreign currencies listed on the reserves declined by $2.068bn in December to $39.242bn from $41.31bn in November. On the other hand, the value of the gold assets included in the reserves rose during December by $104m to $2.716bn against $2.612bn in November. The decline in FX reserves is the first since the exchange rate was liberalised in 2011.

Source: Daily News Egypt January 09, 2019 06:45 UTC