Egyptian banking sector’s net foreign assets rise to EGP 644.7b in July

The Egyptian banking sector reported an increase in its net foreign assets (NFAs) for the third consecutive month in July 2024, reaching a record high of 644.764 billion Egyptian pounds, up from 626.626 billion pounds in June, according to central bank’s preliminary data published on Sunday.

The central bank’s data also revealed an increase in the country’s foreign liabilities to 3.042 trillion pounds by the end of July, up from 3.008 trillion pounds earlier month. This further strengthens the picture of a recovering Egyptian economy.

Attribution: Central Bank of Egypt’s data

Subediting: Y.Yasser