Our FX reserves inched up in October

Net foreign reserves were essentially flat at USD 35.1 bn at the end of Octobercompared to USD 34.97 bn at the end of September, according to central bank figures released yesterday.

This marks the fourteenth month in a row in which the Central Bank of Egypt has reported a slight uptick in reserves: FX reserves have increased every month since September 2022, after Russia’s invasion of Ukraine triggered heavy capital outflows that saw Egypt bleed some USD 8 bn in reserves. Reserves have grown a little less than USD 2 bn over the 13-month period. We had USD 41 bn in reserves on the eve of the war in Ukraine. Almost USD 30 bn of our reserves are now made up of deposits made by Saudi Arabia, the UAE, Qatar, Kuwait and Libya.