MACROView: Recovery of FX revenues is a long-term goal, but the economy is still well armed
Egypt/ Net International Reserves July 2020 reading
Outweighed by fragile non-official reserves, slightly stronger official net international reserves (NIR) could not lift the overall figure. Egypt’s NIR edged up by a meagre USD113mn by end of July 2020, while non-official reserves fell for the second consecutive month, losing USD657mn. This means the country’s overall reserves declined USD543mn by end of July 2020, signaling unrelenting pressures on NIR although foreigners’ appetite for the local debt market reworked up. Nonetheless, at USD41.2bn, the current foreign reserves (official and non-official) stand at a solid level, covering 7.8 months of merchandise imports.
Mona Bedeir
Senior Economist
Tel.: +202 3300 5722