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Monday, 7 December 2020

FX reserves hold the line in November

Egypt’s foreign currency reserves were broadly stable in November, inching up a modest USD 1.8 mn to USD 39.2 bn, according to Central Bank of Egypt figures. October had seen the largest monthly increase in foreign currency reserves this year, with FX holdings shooting up by USD 800 mn. Foreign reserves have been rebounding since June after declining by USD 10 bn between March and May this year when the central bank stepped in to cover portfolio outflows, debt repayments, and commodity imports during a global selloff of emerging market assets. Despite a steady increase, FX reserves are parked below their USD 45.5 bn February peak thanks to the slow recovery of tourism and other covid-related pressure on FX sources.

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