External buffers are still on an upward trajectory, and non-official reserves are at their highest level in more than three years
Egypt’s official net international reserves (NIR) inched up by USD24mn, standing at USD40.85bn by end of October (+4% y/y, +0.1% m/m). This was driven mainly by an increase in the stock of gold (+USD146mn) which offset the decline in the stock of foreign currency. Foreign currency fell by USD131mn to USD33.8bn by end of October, having risen USD351mn to USD33.9bn back in September. Non-official reserves grew by USD2.1bn to end the month at USD11.5bn, the highest level since April 2018.
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Mona Bedeir
Chief Economist
T +202 3300 5722