Central Bank of Egypt’s net foreign assets achieve $10.4bln surplus in September

PHOTO

The Central Bank of Egypt (CBE) revealed that its net foreign assets achieved a surplus of $10.4bn in September, equivalent to EGP 505.074bn, compared to $10.2bn, equivalent to EGP 499.269bn, in August, which is the fifth consecutive time that CBE’s net foreign assets have achieved a surplus.

CBE’s net foreign assets are one of the top indicators of banking stability and solidity. They show the difference between CBE’s assets and liabilities in foreign currencies.

In May 2024, CBE revealed that its net foreign assets had shifted from a deficit to a surplus for the first time since March 2022 with a surplus worth EGP 458.630bn, compared to a deficit of EGP 36.070bn in April.

Furthermore, the Bank revealed that the reserve money declined to EGP 1.897tn in September, compared to EGP 1.968tn in August 2024.

It added that the cash circulating outside its treasury reached EGP 1.260tn in September 2024, compared to EGP 1.269tn in August 2024.

It also stated that bank deposits in local currency recorded EGP 637.119bn in September, compared to EGP 699.648bn in August.