Egypt’s c. bank FX surplus up to $10.3b by June ’24

Egypt’s net foreign assets held by the central bank increased significantly to $10.3 billion up from (negative) $11.4 billion in January 2024, a central bank source familiar with the matter told Amwal Al Ghad English on Monday on condition of anonymity.

The source clarified that net foreign assets held by the banks experienced substantial growth, rising from (negative) $17.6b to $4.6b in May.

“Since the currency flotation in March 2024, Egypt has witnessed a remarkable shift in net foreign assets. Notably, foreign exchange inflows have surged by 200 per cent. Additionally, expatriates’ remittances have increased by over 100 per cent compared to pre-liberalisation levels. These positive trends bode well for Egypt’s economic stability and resilience,” the source clarified.