Egypt achieves a surplus in net foreign assets, reduces external debt

2024-07-23 07:27:46

(MENAFN) On Monday, Egypt’s central bank announced a significant economic milestone, revealing that the country had transformed its net foreign assets deficit into a surplus by the end of June, reaching a notable USD10.3 billion. This achievement marks a substantial turnaround from a deficit of USD11.4 billion reported at the end of January. The Central Bank of Egypt's media center highlighted this development, though the specific identity of the senior source providing the information was not disclosed.

Net foreign assets, which are calculated as the difference between the assets held by the Central Bank and commercial banks in Egypt that are owned by non-residents and their liabilities, have shown a significant improvement. Additionally, the Central Bank reported that Egypt's external debt has experienced a historic decline, dropping by over USD14 billion since December 2023. Although the exact figure for external debt post-reduction was not provided, it was previously recorded at USD168 billion. This suggests that by the end of June, the external debt stood at approximately USD154 billion.

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