Egypt records first foreign assets surplus in 28 months

Egypt reported a foreign asset surplus of EGP 676.40 billion ($14.03 billion) in May 2024

Staff Writer, Mubasher

July 1, 2024

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Egypt achieved a foreign asset surplus for the first time since January 2022, marking a 28-month milestone, in May 2024.

Egypt reported a foreign asset surplus of EGP 676.40 billion ($14.03 billion) in May 2024, compared to a deficit of EGP 174.38 billion ($3.70 billion) in April, according to data from the Central Bank of Egypt (CBE).

Total foreign assets in the Egyptian banking system increased by 3.99% to EGP 3.63 trillion ($75.47 billion) in May from EGP 3.07 trillion ($63.87 billion) in April.

Meanwhile, total foreign liabilities decreased by 2.93% to EGP 2.96 trillion ($61.43 billion) in May from EGP 3.25 trillion ($67.48 billion) in the previous month.

It is noteworthy that Egypt's foreign asset deficit reached a new record low in April, after registering a 25-month low in March.

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