Egypt’s Net International Reserves jumped to USD19.6bn in September, up from USD16.6bn in August, according to data released by the Central Bank of Egypt (CBE) on its website. The CBE did not clarify the sources of the increase, but it was seemingly keen on announcing the number, publishing it a few days ahead of the regular publication schedule. We note Egypt had received a USD1bn first installment of  a USD3bn loan earlier in September, partially explaining the increase in reserves. The source of the other USD2bn remains unclear; we suspect, judging by announced commitments related to the IMF deal, that they would represent any of the pledges from China or Saudi Arabia. In all cases, the increase in reserves comes along the CBE’s plans to boost reserves ahead of an imminent EGP adjustment. Other sources in the near future include the IMF’s loan first tranche (USD3.5bn), issuance of a Eurobond (USD2-3bn) and second installments of loans from World Bank and African Development Bank (USD1.5bn). We, therefore, reiterate our view that CBE will possess a reserve buffer of USD8-10bn by end of month and judge that the announced increase in reserves still does not put the CBE in that comfortable position to take a move on the EGP unless other funding sources are due to arrive in the very short term and are not made public. (CBE, Mohamed Abu Basha)