Egypt/ NIR October 2020 reading
The simultaneous increase in both headline and non-official figures, for the third month in a row, drove the overall reserves to remain in an upward trend. Egypt’s overall reserves (NIR + non-official reserves) grew by USD851mn by end of October 2020, on the back of a USD791mn increase in official reserves and a USD57mn increase in the non-official account. Overall reserves stood at USD44.414bn by end of October, covering 8.4 months of merchandise imports. Furthermore, the stock of foreign currencies in official reserves grew by 2.4% m/m, the fastest pace since March 2020, registering USD34.68bn. Meanwhile, the stock of gold fell slightly by 0.8% m/m due to the decline in gold prices.
Mona Bedeir
Senior Economist
Tel.: +202 3300 5722