Why do you think the Central Bank of Egypt bought 44 tons of gold recently? Specifically at the beginning of this year 2022?
The Egyptians Cabinet’s Information and Decision Support Center (IDSC) officially announced that the Central Bank of Egypt bought 44 tons of gold in February 2022, making it the largest buyer of gold among global central banks during the first quarter of 2022.
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After the purchase of 44 tons of gold, the volume of gold at the Central Bank of Egypt increased by 54% to reach 125 tons by the end of February 2022, equivalent to 17% of the total Egyptian reserves which are considered the highest in the region.
Egypt is working to increase the production of gold in the long term from the Sukari gold mine among others. Egypt produces about 16 tons of gold annually, mostly from the Sukari mine in Aswan Governorate.
According to the opinions of experts collected by Faydety, Egypt buying this amount of gold during the first quarter of 2022 has several benefits such as:
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So far, the official government report by the IDSC is the source of all this information, but there has been no explanation from an official Egyptian authority as to why Egypt's is buying gold to support its reserves.
Also, no details were provided to help investors understand the monetary and economic policies of the Egyptian government and to reduce the debate about the positive or negative impact of this step on the Egyptian economy
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