Egypt’s NFAs remain in positive zone in June – CBE

Egypt’s net foreign assets (NFAs) remained in the positive zone in June 2024 for the second straight month despite declining to EGP 626,637m in June against EGP 676405m in May of the same year, according to data released by the Central Bank of Egypt on Sunday.

Egypt has been using its NFAs, which include foreign assets at both the central bank and commercial banks, to help prop up its currency since at least September 2021, according to Reuters.

Attribution: CBE’s data, Reuters