International reserves at US$ 5.4bn in Jul-23 
Gross international reserves increased by 30.8% y/y to a new record high level of US$ 5.4bn in Jul-23, according to NBG. On a monthly basis, the reserves were up by 7.3% (+US$ 369.3mn). Changes in reserves were attributed to the government and banking sector FX operations, likely also to NBG’s FX purchases (information will be available on 25 August).

Tourism revenues estimated at US$ 530mn in Jul-23
According to our estimates, tourism revenues increased by 11.2% y/y, reaching US$ 530.0mn in Jul-23. Overall, tourism revenues reached US$ 2.3bn (+44.2% y/y) in 7M23, based on our estimate.