FILE PHOTO: An employee sorts gold bars in the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna, Austria, December 15, 2017. REUTERS/Leonhard Foeger
CAIRO - 9 May 2022: Egypt became the largest buyer of gold among the central banks in the world during the first quarter of 2022, amid economic instability due to the Russian-Ukrainian crisis.
A report issued by the World Gold Council a few days ago indicated that the Central Bank of Egypt (CBE) bought 44 tons of gold last February, bringing its total holdings by 55 percent and up to 125.3 tons, which is equivalent to 19.4 percent of the total Egyptian reserves.
This is the highest percentage among the countries of the region.
The report indicated that Egypt is working to increase domestic gold production in the long term through the Sukari mine and others, but the decline in the foreign exchange component within the reserves may mean that the country has resorted to international markets to buy quantities of gold.
The World Gold Council is made up of leading gold mining companies and was established in 1987 and is headquartered in London.
The Central Bank of Egypt (CBE) did not issue any data about gold purchases or an explanation of the reasons for its trend in this regard.