Egypt’s net foreign assets surge in July, marking third consecutive surplus

Egypt’s net foreign assets (NFAs) have continued their upward trajectory in July 2024, posting a surplus for the third consecutive month,

According to the Central Bank of Egypt’s (CBE) latest data released on Thursday, the country’s net foreign asset surplus recorded a value equivalent to a whopping 508.581 billion Egyptian pounds by the end of July. A month earlier, the NFAs recorded a surplus of 494.538 billion pounds.

A strong positive balance in net foreign assets is a crucial indicator of a country’s economic health. It reflects the central bank’s ability to manage its foreign exchange reserves effectively, surpassing its foreign currency liabilities. This financial strength empowers the central bank to stabilise the domestic currency and enhance the overall resilience of the economy.

Attribution: CBE data