Cairo – The Central Bank of Egypt confirmed on Monday that the country had succeeded in turning its net foreign assets deficit into a surplus by the end of June, reaching 10.3 billion.
This came in a statement issued by the Central Bank’s media center, which said that the country’s net foreign assets recorded a deficit of $11.4 billion by the end of last January.
Net foreign assets represent the assets of the Central Bank of Egypt and the country’s commercial banks, held by non-residents, minus their liabilities.
According to the Central Bank, “the external debt recorded the largest historical decline, amounting to more than $14 billion since December 2023.”
While the Central Bank did not mention the value of the external debt after paying $14 billion, the value of the debt last December amounted to $168 billion according to official data, which means that the latest debt figures at the end of last June amounted to $154 billion.
He added: “Egypt’s foreign reserves exceed international safety levels, and record an all-time high of $46.38 billion.”
He continued: “We have witnessed a 200 percent increase in foreign exchange resources for the local market… and an increase in remittances from Egyptians by more than 100 percent since the liberalization of the exchange rate,” without providing figures.
In March 2024, the Central Bank of Egypt announced the liberalization of the exchange rate of the pound, which fell to about 48 pounds currently, from 31 pounds on the eve of the flotation.
Anatolia
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2024-07-23 12:45:02
