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The Center Bank of Egypt Hold Barter Agreement and Increasing Gold Reserves
Source: 2/18/2018

The Sukari Mining Company in the Red Sea governorate implemented in February a barter agreement with the Central Bank of Egypt (CBE) to increase the countryís gold reserves.

According to the agreement, the CBE will buy Sukariís gold alloys every month in exchange for LE50 million.

Yousef al-Rajhi, Sukariís executive manager, said that the company asked the London Stock Exchange, in which the gold alloys are displayed to approve the purchase of any quantities of gold, giving Egypt priority to buy them.

Rajhi clarified that the barter agreement supports the CBEís future gold reserves, explaining that the company sends the gold to Canada for purification and sells it by global prices through London Stock Exchange.

The Sukari Mining Company holds an agreement with the ministries of finance, oil and the CBE by which they pay for the stateís purchase contracts of gold alloys in Egyptian pounds through the London Stock Exchange which repays the amount for the company in US dollars.

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