Headline NIR registered its highest monthly increase in 2020 in December at times of continued recovery of capital inflows: Egypt’s NIR grew by 2% m/m to USD40bn by the end of December 2020. The non-official reserves also increased by USD1.18bn, the fastest monthly rate since September 2020. Thus, the overall reserves (NIR + non-official reserves) accelerated by USD2bn, to ends the year at USD45.89bn, covering 8.7months of merchandise imports. The stock of both foreign currencies and gold in official reserves grew in December by 1% and 8% m/m, respectively.
Mona Bedeir
Senior Economist
T +202 3300 5722