The overall stock of reserves (official and non-official) fell for the first time in eight months. The overall stock of reserves reversed its upward trend for the first time since late 2020, falling 5.4% m/m to USD47.98bn by end of July 2021 from USD50.7bn at end of June. Net official reserves (NIR), however, were slightly up by USD25mn, standing at USD40.61bn by end of July (+6% y/y). Thus, most of the decay in the overall headline figures was attributed to the fall in non-official reserves. After crossing USD10bn in June 2021, the highest level seen since April 2018, non-official reserves declined by USD2.76bn (-27% m/m) to USD7.37bn by end of July 2021.
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Mona Bedeir
Chief Economist
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