Why did Egypt buy 44 tons of gold in one month?

Globally, reliance on the dollar in banks has decreased.

Egypt's central bank bought 44 tonnes of gold in February 2022, making it the world's largest gold buyer in the first quarter of 2022. 

the question has arisen around the world as to why Egypt has bought so much gold in a single month. Reached tons. 

This is about 17% of the value of foreign safe currency in Egypt. 

Abu al-Fatuh pointed out that "after the new deal, Egypt has become one of the countries in the region with the most gold assets." 

Why did Egypt buy 44 tons of gold? 

There can be many reasons for this. First, central banks around the world have reduced their reliance on the US dollar over the years. 

Countries around the world are reducing their reliance on the dollar, given the questions that have been raised about the US economy and the future of the dollar. 

Dependence on gold is increasing. Gold is a metal that can be easily sold and countries, companies and institutions around the world depend on it. 

Abu al-Fatuh said that one of the reasons for buying so much gold could be that Egypt used gold instead of currency to import wheat from Russia.