Monthly growth in NIR stable in September

Daily News Egypt Authors
1 Min Read

Monthly growth in Egypt’s Net International Reserves (NIR) position remained relatively stable in September 2010, at $35.53 billion, remaining almost unchanged from August 2010’s level of $35.5 billion, Central Bank of Egypt data showed.

Annual growth in NIR fell to 6 percent in September 2010 compared to 7.9 percent in August 2010. In May and June 2010, annual growth in NIR had registered its highest levels since November 2008 at 12.5 percent, mainly due to the base effect, a rebound in capital and current inflows, and an improvement in international financial markets’ performance.

In its daily market report, Beltone Financial said NIR had registered negative annual growth in the period from March to October 2009 due to the effect of the global economic crisis, with growth rising subsequently since then.



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