CBE: Net foreign assets achieve a surplus of EGP 626.6 bn by the end of June 2024

The most recent monthly data released by the Central Bank of Egypt on its official website revealed that the net foreign assets of the Egyptian banking sector had reached a surplus for the second time in a row since 2022, registering the equivalent of EGP 626.637 bn by the end of June 2024, compared to a decline of 174.385 bn by the end of April 2024. While for the first time it had a surplus of EGP 676.405 bn by the end of May 2024.

Total foreign assets in the Egyptian banking sector recorded the equivalent of EGP 3.635 trillion by the end of June 2024, compared to 3.078 trillion by the end of April 2024, supported by the Central Bank's decisions to unify the exchange rate in March.

It should be noted that net foreign assets represent CBE's assets and commercial banks held by non-residents, minus their obligations.