Monday July 22nd, 2024
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Egypt Sees Surplus in Net Foreign Assets for First Time in 28 Months

Data released by the Central Bank of Egypt shows a surplus in net foreign assets amounting to around USD 14.3 billion.

Cairo Scene

Egypt Sees Surplus in Net Foreign Assets for First Time in 28 Months

Data released by the Central Bank of Egypt has shown that Egypt has recorded a surplus in net foreign assets for the first time in 28 months. The amount of the surplus is around USD 14.3 billion.

The improvement in inflowing income follows from the UAE’s USD 35 billion investment project to develop Ras Al-Hekma in February 2024, as well as the floating of the Egyptian Pound in March 2024. Egypt’s total foreign deficit decreased by around USD 3.6 billion by the end of April.

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