Egypt Daily News – The Central Bank of Egypt has reported a notable increase in the net foreign assets which reached a surplus of $13.25 billion (approximately 644.764 billion pounds) as of the end of last July. This represents an increase from a surplus of $13.02 billion (about 626.6 billion pounds) at the end of June 2024.
Net foreign assets, which reflect the difference between assets held by the banking system from non-residents and obligations to non-residents, indicate the overall net transactions the banking system has had with foreign entities over a specific period.
This surplus marks a significant turnaround as the net foreign assets first achieved a positive balance in May 2024, amounting to around 676.4 billion pounds, after previously facing a deficit of approximately 174.385 billion pounds at the end of April.
Notably, this is the first time since January 2022 that foreign assets have shown a surplus, when they were recorded at 9.674 billion pounds.
Total foreign assets across the banking system, which includes both the central bank and commercial banks, stood at 3.687 trillion pounds at the end of July, an increase from 3.634 trillion pounds in June.
On the liability side, total commitments rose as well, reaching 3.042 trillion pounds compared to 3.008 trillion pounds at the end of the previous month.
This overall trend suggests a strengthening of the banking system’s foreign asset position, which could reflect improved economic conditions or increased foreign investments in Egypt.
