External buffers still on check; both NIR and non-official reserves up again
Egypt’s official net international reserves (NIR) remained on an upward trajectory, standing at USD40.83bn by end of September (+6% y/y), driven mainly by an increase in the stock of foreign currency. After the significant fall in August (a decline of USD2.55bn), foreign currency restored some of its lost ground, rising USD351mn to USD33.9bn in September from USD33.6bn in August. Following the same path, non-official reserves offset its last month drop and grew by USD2bn on a Eurobond sale, to end the month at USD9.4bn, the highest level since June 2021. Overall reserves (NIR + non-official reserves) increased significantly as a result by USD2.3bn to USD50.2bn, slightly lower than its 2021 peak in June.
For the full report, please click here.
Mona Bedeir
Chief Economist
T +202 3300 5722