Egypt’s net foreign assets rise for 11th consecutive month in March

Egypt’s net foreign assets (NFAs) rose for the eleventh consecutive month in March, continuing a sustained recovery from more than two years of deficits, according to central bank data released on Tuesday.

NFAs increased to 632.826 billion Egyptian pounds in February, up from 613.108 billion pounds in February. This translates to $12.403 billion at end-March and $12.017 billion at end-January, according to Amwal Al Ghad English calculations based on the official central bank currency rate at the time.

The improvement marks a sharp reversal from February 2022, when Egypt’s NFAs first turned negative. The Central Bank of Egypt (CBE) reported a return to surplus in May 2024, with NFAs swinging from a 36.07 billion-pound deficit in March 2024 to a 458.63 billion-pound surplus by the end of April.

The steady rise in foreign assets reflects a broader economic rebound, underpinned by increased foreign inflows and policy measures aimed at restoring monetary stability and investor confidence.

Attribution: Amwal Al Ghad English