Headline net international reserves (NIR) kept curving up, but overall reading edged down. Egypt’s NIR grew USD38mn to USD40.1bn by the end of January 2021. However, non-official reserves fell USD232mn, after a USD1.2bn increase in December. Thus, overall reserves (NIR + non-official reserves) technically declined by USD194mn to USD45.7bn, covering 8.7 months of merchandise imports. The stock of foreign currencies remained flat, while that of gold in official reserves dropped by 2% m/m.
Mona Bedeir
Senior Economist
T +202 3300 5722