Egypt/ NIR November 2020 reading
Headline NIR remained almost flat in November at times of stable FX inflows and continued recovery of capital inflows: Egypt’s NIR remained flat at USD39.22bn, while overall reserves (NIR + non-official reserves) fell by USD276mn by end of November 2020 on the back of a USD278mn fall in non-official reserves. Overall reserves stood at USD43.87bn by end of November, covering 8.3 months of merchandise imports. The stock of foreign currencies in official reserves grew slightly in November (+1% m/m), but the fall in gold prices drove the stock of gold to fall again (+5.7% m/m).
Mona Bedeir
Senior Economist
Tel.: +202 3300 5722