Both official and non-official accounts of reserves remained stable in April: April’s NIR was USD40.3bn, virtually on a par with March 2021. Meanwhile, the non-official reserves grew slightly by USD109mn to stand at USD8.73bn. The overall level of reserves is getting closer to its pre-COVID-19 level standing at USD49.1bn and covering nine months of merchandise imports. This came at a time where external pressures are still gaining momentum due to the persistence of pandemic-related headwinds. The country's external position is still vulnerable given the downbeat predictions for tourism revenues and FDI inflows.
Mona Bedeir
Senior Economist
T +202 3300 5722