Cairo: Egypt has bought 44 tons of gold in the last one month, making it the most gold-rich country in the region.
According to the international website, the Central Bank of Egypt bought 44 tons of gold in February 2022, earning the honor of being the world’s largest central bank in terms of gold purchases in the first quarter of 2022.
The question now is why Egypt has bought so much gold in one month.
Economist Hani Abu al-Fatuh says that the Egyptian central bank’s gold reserves reached 125 tons at the end of February 2022, which is about 17% of the value of the foreign exchange reserves in Egypt.
Abu al-Fatuh said that after the new deal, Egypt has become the country with the most gold assets in the region.
Abu al-Fatuh said that there are several reasons why Egypt bought 44 tons of gold. First, central banks around the world have reduced their reliance on the US dollar over the years.
Countries around the world are reducing their dependence on the dollar and increasing their dependence on gold, in response to questions about the future of the US economy and the dollar.
Gold is a metal that can be easily sold and countries, companies and institutions around the world depend on it.
Abu al-Fatuh added that one of the reasons for buying so much gold could be that Egypt used gold instead of currency to import wheat from Russia.