Egypt’s net foreign assets maintain positive streak for 10th consecutive month: CBE

Egypt’s net foreign assets (NFAs) maintained a positive trajectory for the tenth straight month in February, according to recent central bank data, marking a significant recovery from over two years of deep deficits.

NFAs climbed to 613.108 Egyptian pounds in February from 603.055 billion pounds in January. This translates to $12.138 billion at end-February and $11.939 billion at end-January, according to Amwal Al Ghad English calculations based on the official central bank currency rate at the time.

Egypt’s NFAs first turned negative in February 2022. However, in May 2024, the CBE announced a major turnaround, reporting a shift from deficit to surplus for the first time since March 2022. At the end of April 2024, NFAs recorded a positive balance of 458.630 billion pounds, compared to a minus 36.070 billion pounds just a month earlier.

The sustained improvement in net foreign assets reflects Egypt’s ongoing financial recovery, bolstered by strong foreign inflows and strategic economic policies aimed at enhancing the country’s monetary stability.

Attribution: Amwal Al Ghad English