Egypt’s net foreign assets record EGP 508.58B in July 2024

Egypt's net foreign assets have seen a notable uptick, reaching EGP 508.58 billion in July 2024, a rise from EGP 494.53 billion in May, as detailed in a recent report from the Central Bank of Egypt (CBE).

 

The Central Bank's foreign assets have shifted into surplus territory for the first time since March 2022, marking the end of a prolonged deficit phase. 

 

In a separate announcement earlier in August, the CBE disclosed that the net foreign assets of the Egyptian banking system hit a surplus of LE 626.6 billion by June 2024's conclusion, marking the system's second consecutive month in surplus. 

 

This positive trend follows a significant turnaround from a deficit of LE 174.385 billion in April 2024 to a surplus of LE 676.4 billion in May 2024.

 

Notably, May's surplus was particularly remarkable as it was the first since January 2022 when a surplus of LE 9.674 billion was recorded.

 

Furthermore, Egypt's net international reserves surged to $46.49 billion by the end of July, up approximately $110 million from June's $46.38 billion, according to data released by the CBE.

 

However, foreign currency reserves experienced a slight decrease, dropping from $36.9 billion in June to $36.3 billion in the last month.