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Central Bank audit finds gold reserves stable

Egypt's Central Bank says that country's gold reserves are worth $4.4 billion and are at the same level as in 2006

Ahram Online, Tuesday 20 Sep 2011
Gold (Photo: Reuters)

Egypt's Central Bank announced Tuesday it had finished its 26-day audit of Egypt's gold reserves and concluded that the actual reserves match both amounts on record as well as the results of the last audit.

The audit, which takes place every five years, was carried out by the Central Bank, the Central Auditing Agency, gold experts, an external auditor and other supervisory bodies.
Results have shown that Egypt's gold reserves weigh a total of 75.6 tonnes, valued at US$4.4 billion at 19 September prices of $1,789 per ounce.
Egypt's net foreign reserves slipped to $25.01 billion last month from $25.71 billion in July, figures on the central bank's website showed.
Foreign reserves were valued at $35.527 billion in August 2010 but have tumbled since the start of the year and the popular uprising that toppled longtime president Hosni Mubarak.
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