Net International Reserves (NIR) rose by a mere USD25mn to USD17.5bn in June, according to data released by the Central Bank of Egypt (CBE). The minor increase was driven by a USD89mn gain in the value of CBE’s gold holdings as it accumulated additional gold reserves. Data show the CBE added 1,383 ounces to its existing holdings of 2.4mn ounces. Meanwhile, holdings of foreign currencies declined USD55mn. Reserve coverage of merchandise imports was unchanged at 3.7 months. Egypt has repaid cUSD1.8bn in maturing debt to Qatar and the Paris Club in the past week though there has been no update yet on the promised USD2bn deposit from the United Arab Emirates, which is key to maintain the stability of foreign reserves. (Central Bank of Egypt, Mohamed Abu Basha)