Page 41 - Bullion World issue 2

Bullion World | Issue 02 | June 2021

Visualizing two decades of
Central Bank gold reserve

changes

Gold has long been an nations continues to expand
important hedge in times of and central banks are exploring
uncertainty, and unlike foreign digital currencies which could
currencies, equities, or debt be reserve or gold backed.
securities, its value is not With gold still making up a large
dependent on any company part of many nations’ reserves,
or nation’s solvency. This how have central banks been
has made gold an essential managing the precious metal?
part of many national central
bank reserves, especially as Source: https://www.mining.
the monetary supply of many com

Egypt’s gold reserves climb

$194m during April: CBE

The Central Bank of Egypt (CBE) reserves increased about $6m to
has revealed that the value of record $40.343bn in April, compared
gold listed in the country’s net to $40.337bn in March 2021. Egypt’s
international reserves increased international reserves consist of foreign
by about $194m during April currencies (FX), gold, special drawing
2021. As a result, it reached about rights (SDRs), and net loans from the
$4.128bn in April, compared to International Monetary Fund (IMF).
$3.934bn in March 2021. The CBE
said, that Egypt’s net international Source: https://dailynewsegypt.com

Hope as ultra-modern

gold refinery starts
operations

A huge gold refinery has been set up in
Geita in a development that promises
to yield maximum benefits for miners
from their mineral ores. The Geita Gold
Refinery Limited is owned and built by
Tanzanian investors. It has also received
an $8 million (about Sh18.4 billion)
financing facility from Tanzania’s Azania
Bank.The modern gold refinery was built
and designed to facilitate operations of
all miners from the smallest artisanal one
to the largest mining firms in the country.

Source: https://www.thecitizen.co.tz

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