Shelters continue to be built for the stormy days
Egypt’s official net international reserves (NIR) inched up again by USD60mn at the end of November, standing at USD40.91bn (+4.3% y/y, +0.1% m/m). The slight improvement was attributed to: 1) a USD222mn (+1% m/m) increase in the stock of foreign currency, standing now at USD34bn vs. USD33.8bn by the end of October; and 2) a pick-up in gold prices in November that led to a slight appreciation in the stock of gold (+USD5mn). Meanwhile, it seems that the improvement in the stock of foreign currency came at the expense of the stock of SDRs, which declined by USD167mn by end of November. After its significant increase in October (by USD2.1bn), non-official reserves remained almost flat, falling only USD9.8mn to end the month at USD11.49bn—the highest level in more than three years.
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Mona Bedeir
Chief Economist
T +202 3300 5722