Net foreign reserves remained effectively flat in November, with USD 71 mn being added to the stockpile during the month, according to central bank data released Thursday. Reserves inched up to USD 35.17 bn during the month from the USD 35.1 bn in October, marking the fifteenth consecutive month of (albeit marginal) increases.

Rewind: Our FX reserves took a hit last year when the double-blow of Russia’s invasion of Ukraine and tightening global financial conditions triggered capital flight from Egypt and other emerging- and frontier markets. Reserves fell almost USD 8 bn in the six months between February and August — USD 2 bn of which we’ve been able to recoup over the past 15 months.

Remember: The UAE and Kuwait recently rolled over a combined USD 5 bn in central bank deposits. The two Gulf states, together with Saudi Arabia, Qatar, and Libya, have some USD 30 bn on deposit at the central bank, accounting for over 85% of our reserves.

FACT CHECK- Remember that chatter a few weeks ago that Riyadh and Abu Dhabi could beabout to deposit another USD 5 bn at the CBE? Not true, Al Qahera News said last month (watch, runtime: 0:13).

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