CBE’s Net Foreign Assets Reach USD 10.4 Billion Surplus in September

The Central Bank of Egypt (CBE) reported a net foreign assets surplus of USD 10.4 billion (EGP 505.074 billion) in September 2024, continuing a steady upward trend in the country’s banking stability. This marks an increase from August's surplus of USD 10.2 billion (EGP 499.269 billion), making September the fifth consecutive month of surplus.

Net foreign assets, which measure the difference between the CBE's assets and liabilities in foreign currencies, are a key indicator of the bank's financial health and stability. The CBE transitioned from a deficit to a surplus in May 2024, reporting a surplus of EGP 458.630 billion after recording a deficit of EGP 36.070 billion in April. This marked the first time since March 2022 that the CBE had moved into surplus territory.

However, reserve money, which includes currency in circulation and bank deposits with the CBE, dropped to EGP 1.897 trillion in September, down from EGP 1.968 trillion in August. The amount of cash circulating outside the CBE’s treasury also slightly declined, totaling EGP 1.260 trillion in September, compared to EGP 1.269 trillion in August.

Local currency deposits with the CBE experienced a notable decrease, falling to EGP 637.119 billion in September, compared to EGP 699.648 billion in August. Despite these fluctuations, the continued surplus in net foreign assets signals resilience within Egypt's banking system.