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English news

08-Jul-2018

Foreign reserves rise to USD44.3bn in June

Egypt’s net internationals reserves (NIR) rose USD119mn to USD44.3bn at the end of June, the Central Bank of Egypt (CBE) said in a statement on Thursday. The increase was entirely driven by a USD2bn in special drawing rights (SDRs), the currency which IMF officially uses, which balanced a USD1.8bn decline in foreign currencies. CBE provided no clarification for the changes within NIR details, which could possibly represent some reclassification with reserves, but we would seek CBE’s comments before reaching conclusions. We note that IMF’s Board approved on 29 June the disbursement of the fourth USD2bn instalment of the loan; hence, it is not quite clear as to when the money reached the accounts of CBE. Meanwhile, tier-II reserves inched upwards by USD0.4bn to USD9bn, reversing last month’s USD2.5bn drop, in a sign that portfolio outflows have eased, if not reversed in June following the round of volatility in emerging market space. 

Mohamed Abu Basha

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