Tourism revenues estimated at US$ 600mn in Jul-24
Tourism revenues increased by 23.5% y/y to US$ 600mn in Jul-24, according to our estimates. Overall, in 7M24 tourism revenues reached US$2.5bn (+9.1% y/y) by our estimates. We forecast tourism revenues at US$ 4.3bn for 2024, up from US$ 4.1bn in 2023.
International reserves at US$ 4.7bn in Jul-24
Gross international reserves decreased by 14.1% y/y to US$ 4.7bn in Jul-24, according to NBG. Meanwhile, on a monthly basis, the reserves were up by 2.0% (+US$ 90.5mn). The changes in reserves were attributed to the government and/or banking sector FX operations. Notably, monetary gold accounts for 11.9% of total international reserves as of Jul-24.
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