{"id":611596,"date":"2023-12-10T00:00:00","date_gmt":"2023-12-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/10\/fx-reserves-flat-in-november\/"},"modified":"2023-12-10T00:00:00","modified_gmt":"2023-12-10T00:00:00","slug":"fx-reserves-flat-in-november","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/10\/fx-reserves-flat-in-november\/","title":{"rendered":"FX reserves flat in November"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>N<\/strong><strong>et foreign reserves remained effectively flat in November<\/strong>, with USD 71 mn being added to the stockpile during the month, according to <a target=\"_blank\" href=\"https:\/\/cbe.org.eg\/en\/news-publications\/news\/2023\/12\/07\/07\/29\/net-international-reserves-at-the-end-of-november-2023\" style=\"\" rel=\"noopener\">central bank data<\/a> released Thursday. Reserves inched up to USD 35.17 bn during the month from the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/03d11741-bd73-46ed-9838-2101985eceed\" style=\"\" rel=\"noopener\">USD 35.1 bn in October<\/a>, marking the fifteenth consecutive month of (albeit marginal) increases.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Rewind:<\/strong> Our FX reserves took a hit last year when the double-blow of Russia\u2019s 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 \u2014 USD 2 bn of which we\u2019ve been able to recoup over the past 15 months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff49ee89-5a9a-422b-a6d3-99cd78e21b65\" style=\"\" rel=\"noopener\">The UAE<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d88f6ae5-58fa-4e18-90f3-92a7ff6a161f\" style=\"\" rel=\"noopener\">Kuwait<\/a> 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FACT CHECK-<\/strong> Remember <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3fce7768-6487-4227-b5ef-860694c72f8a\" style=\"\" rel=\"noopener\">that chatter<\/a> 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 (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=xThGa2xfQ44\" style=\"\" rel=\"noopener\">watch, runtime: 0:13<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FX reserves have added USD 2 bn in the last fifteen months<\/p>\n","protected":false},"author":1,"featured_media":611597,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[271,104,72,2234,655],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-611596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-foreign-reserves","wpautop","entry"],"acf":{"mongo_id":"972a62b8-e378-43c1-b880-1d6039eef8aa","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/1485.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s foreign reserves flat in November","related_issue":[611587],"teaser":"FX reserves have added USD 2 bn in the last fifteen months","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.989c3fad-8ee8-4c20-b955-d83b3b323b5b.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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October had seen the largest monthly increase in foreign currency reserves this year, with FX holdings shooting up by USD 800 mn. Foreign\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/114.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592499,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/07\/egypts-foreign-reserves-continue-to-rise-in-july\/","url_meta":{"origin":611596,"position":1},"title":"Egypt\u2019s foreign reserves continue to rise in July","author":"enterpriseam admin","date":"7 August 2023","format":false,"excerpt":"Foreign reserves inched up to USD 34.88 bn","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/274.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":613059,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/08\/fx-reserves-flat-in-december\/","url_meta":{"origin":611596,"position":2},"title":"FX reserves flat in December","author":"enterpriseam admin","date":"8 January 2024","format":false,"excerpt":"Our total FX reserves now stand at USD 35.2 bn","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1521.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559811,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/04\/fx-reserves-up-again-in-january\/","url_meta":{"origin":611596,"position":3},"title":"FX reserves up again in January","author":"enterpriseam admin","date":"4 February 2021","format":false,"excerpt":"Foreign reserves ticked up USD 38.2 mn in January to end the month at USD 40.1 bn, according to central bank figures released yesterday. Foreign reserves had made a significant comeback in December, rising by almost USD 800 mn to their highest level since April. The FX stockpile had fallen\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/88.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609480,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/06\/our-fx-reserves-inched-up-in-october\/","url_meta":{"origin":611596,"position":4},"title":"Our FX reserves inched up in October","author":"enterpriseam admin","date":"6 November 2023","format":false,"excerpt":"An additional USD 132 mn was added to our FX stockpiles","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1485.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572775,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/08\/fx-reserves-rise-for-the-first-time-since-february-stable-outlook-for-the-back-half-of-the-year\/","url_meta":{"origin":611596,"position":5},"title":"FX reserves rise for the first time since February \u2014 stable outlook for the back half of the year?","author":"enterpriseam admin","date":"8 July 2020","format":false,"excerpt":"FX reserves rise for the first time since February \u2014 stable outlook for the back half of the year? Foreign reserves rebounded slightly in June, rising to USD 38.2 bn from USD 36 bn in May after three consecutive months of decline, according to Central Bank of Egypt (CBE) data.\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=611596"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611596\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/611587"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/611597"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=611596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=611596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=611596"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=611596"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=611596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}