Global Central Banks Add 20 Tonnes to Gold Reserves in May
Global official gold reserves saw a net increase of 20 tonnes in May, according to the latest data from the World Gold Council (WGC). While this marks a modest rise compared to April, it remains below the 12-month average monthly purchase of 27 tonnes.
Kazakhstan Leads Central Bank Gold Purchases
The National Bank of Kazakhstan topped the list of buyers in May, adding 7 tonnes of gold to its reserves, bringing its total holdings to 299 tonnes—an increase of 15 tonnes since the beginning of the year.
The Turkish central bank and Poland's national bank also recorded net purchases of 6 tonnes each. Poland has now bought a total of 67 tonnes in 2025, making it the largest net buyer of gold among central banks so far this year.
Other notable buyers in May include:
The People's Bank of China and the Czech National Bank, each adding 2 tonnes.
The central banks of Kyrgyzstan, Cambodia, the Philippines, and Ghana, each adding 1 tonne.
Singapore and Uzbekistan Lead Gold Sales
On the other hand, the Monetary Authority of Singapore was the largest seller in May, reducing its gold reserves by 5 tonnes. It was followed by Uzbekistan and Germany's Bundesbank, both selling 1 tonne.
On a year-to-date basis, Uzbekistan remains the largest net seller with 27 tonnes sold, followed by Singapore with 10 tonnes.
2025 Survey: Central Banks Increasingly Bullish on Gold
The World Gold Council's 2025 Central Bank Gold Reserves Survey revealed a significant shift in sentiment among central banks:
95% of respondents expect global official gold reserves to rise over the next 12 months, up from 81% in last year's survey.
43% plan to increase their own gold reserves—the highest level ever recorded, compared to 29% in 2024.
A record 73 central banks participated in the survey, highlighting growing interest in managing gold as a strategic reserve asset.
76% expect gold to account for a larger share of their reserves in the next five years.
73% anticipate a decline in the U.S. dollar's share of reserves.
A Structural Shift in Reserve Management
This shift reflects a reassessment of gold's role as a safe-haven asset and hedge against inflation and geopolitical risk—particularly amid ongoing tensions in the Middle East, which have increased gold's strategic appeal to monetary policymakers.
Additionally, the rise in the number of central banks actively managing their gold holdings (44% in 2025, up from 37% in 2024) indicates a trend toward more professionalized reserve management strategies.
read more
CBE: Deposits in Local Currency Hit EGP 5.25 Trillion
Morocco Plans to Spend $1 Billion to Mitigate Drought Effect
Gov't Approves Final Version of State Ownership Policy Document
Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister
Qatar Agrees to Supply Germany with LNG for 15 Years
Business
Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves
Business
Suez Canal Records $704 Million, Historically Highest Monthly Revenue
Business
Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday
Business
Wheat delivery season commences on April 15
News
China Launches Largest Ever Aircraft Carrier
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Videos & Features
Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall
Lifestyle
Get to Know 2025 Eid Al Adha Prayer Times in Egypt
Business
Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
News
Flights suspended at Port Sudan Airport after Drone Attacks
Videos & Features
Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
News
Shell Unveils Cost-Cutting, LNG Growth Plan
Technology
50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
News
"Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence"
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
4 hours ago
- See - Sada Elbalad
IMF Program for Egypt: Fifth, Sixth Reviews May Be Merged
Taarek Refaat The International Monetary Fund (IMF) may merge its fifth and sixth reviews of Egypt's $8 billion loan program, according to three informed sources. This potential move could delay the disbursement of the next loan tranche by as much as six months. The IMF had approved the fourth review of the program in March 2025, which led to the release of $1.2 billion. A team from the Fund visited Egypt in May to begin the fifth review, but no official approval has been announced since then. The $8 billion Extended Fund Facility was initially approved in March 2024 and spans 46 months. At the time, Egypt was facing a severe shortage of foreign currency and inflation had surged to a peak of 38% in September 2023. According to Reuters' estimates, Egypt has received around $3.5 billion under the arrangement so far. One source noted that Egypt's progress on structural reforms—which are a central component of the IMF program—has been slow. These reforms include reducing the state's role in the economy through asset sales and privatization. Egypt reportedly failed to meet half of the structural benchmarks in the last two reviews. However, the source added that fiscal reforms, including taxation, have been proceeding relatively smoothly. As of early July, Egypt has not been placed on the IMF Executive Board's agenda, which runs through July 11, according to the IMF's official website. This absence from the schedule suggests that the review process may be delayed until at least late summer. The next possible opportunity for a board meeting may not come until December 2025 at the earliest. The IMF has also not yet published the staff report from the fourth review. A source stated that the Egyptian government requested a delay in order to finalize and announce new tax measures aimed at broadening the country's revenue base. On Sunday, Egypt's Parliament passed an increase in the value-added tax (VAT), which will raise taxes on services such as construction, crude oil, cigarettes, and alcohol. This step may facilitate the release of the IMF's staff report in the near future. The Egyptian Ministry of Finance and the Central Bank have not commented publicly on these developments. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence"
See - Sada Elbalad
4 hours ago
- See - Sada Elbalad
Trump Imposes 20% Tariff on Vietnam in New Trade Deal
Taarek Refaat Former U.S. President Donald Trump announced on Wednesday that the United States has finalized a new trade agreement with Vietnam, concluding months of tense negotiations. The deal imposes a 20% tariff on Vietnamese imports into the U.S., while securing zero tariffs on American exports to Vietnam. Trump revealed the agreement via his social media platform, Truth Social, declaring it 'an honor' to reach a deal with To Lam, Secretary-General of Vietnam's ruling Communist Party. The new tariff structure is a scaled-back version of Trump's earlier proposal in April, which called for a 46% levy on Vietnamese goods. 'Vietnam will now offer the United States much greater access to its markets,' Trump stated. 'There will be no tariffs on American exports.' Balancing a Growing Trade Imbalance The move comes as the U.S. continues to grapple with a significant trade deficit with Vietnam — one of Southeast Asia's fastest-growing economies and a major exporter of electronics, apparel, and furniture to the United States. While Vietnam had hoped to avoid broad-based tariffs, Trump insisted on a punitive approach, arguing that Hanoi had 'benefited unfairly from open U.S. markets for too long.' Tariffs on Transshipped Goods In a significant escalation, Trump also confirmed that goods transshipped through Vietnam from third countries would face a 40% tariff, a measure aimed at cracking down on tariff circumvention by countries like China that reroute exports through Vietnamese ports. American SUVs to Enter Vietnamese Market? Trump emphasized that the deal is not just about tariffs, but also market expansion for U.S. industries. He specifically highlighted American-made SUVs, calling them 'a great addition to Vietnam's production and consumption lines.' 'In my view, the American SUV, sometimes known as the 'big engine car,' which performs very well in the United States, will be a fantastic fit for Vietnam,' Trump said. Economic and Political Reactions Economists warn the agreement could strain U.S.-Asia trade dynamics, particularly given Vietnam's central role in global supply chains. However, pro-Trump business groups have hailed the deal as strategic. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence"
See - Sada Elbalad
4 hours ago
- See - Sada Elbalad
Egypt Hikes Cigarette Prices as New VAT Law Takes Effect
Taarek Refaat In a bold fiscal move aimed at bolstering state revenues, Egypt has officially raised cigarette prices following parliamentary approval of amendments to the country's Value Added Tax (VAT) law. The price hikes, effective Wednesday, July 2, have pushed the cost of both local and imported cigarette brands to record highs, sparking widespread consumer and media attention. According to Ibrahim Imbaby, head of the Tobacco Division at the Federation of Egyptian Industries, the newly approved pricing structure aligns with three tax brackets, each impacting cigarette brands differently. Imbaby hailed the legislation as a "timely and strategic decision" that supports both government income and price stability for tobacco companies. Local Brands: Cleopatra Hits New Ceiling Cleopatra, Egypt's most widely consumed cigarette brand, saw its retail price surge from EGP 38.70 to EGP 48 per pack across all variants — including King Size, Super, Soft Queen, Box, Black Label, and others. Other domestically produced brands such as Boston, Bloment, Mondial (Red, Blue, Silver), and Matsuyan Super now also retail for EGP 48. Imported Brands: Marlboro and Merit Top EGP 100 Multinational tobacco products under Philip Morris have also experienced substantial increases: Marlboro: Jumped from EGP 89 to over EGP 100 in many kiosks and retailers. Merit: Rose from EGP 95 to above EGP 105, placing it firmly in the premium category. LM: Now priced at EGP 69, up from EGP 69 pre-tax change, solidifying its mid-tier classification. HEETS & TEREA (Heated Tobacco): Varieties such as Selections, Dimensions, and Capsules are now selling for EGP 74. New Pricing Brackets Introduced The updated tax framework organizes cigarette products into three main price brackets: Tier 1 (Economy): Max retail price raised from EGP 38.80 to EGP 48 Tier 2 (Mid-range): Capped at EGP 69 Tier 3 (Premium imports): Starting from EGP 96 and up Government Stance & Industry Reaction The VAT adjustment law, first debated in Parliament over the weekend, aims to rationalize consumption while boosting public funds. The government argues that the new structure balances public health concerns with economic realities. 'Tobacco prices in Egypt have remained artificially low for years,' said a parliamentary source involved in the discussions. 'This step aligns prices more closely with global standards.' Meanwhile, tobacco companies have publicly supported the tax change, emphasizing its role in reducing pricing disparities and encouraging regulatory clarity. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence"
