Egypt’s total foreign assets recorded at LE 1,475B, CBE

Egypt’s total foreign assets rose to LE 1,475 billion in July 2023 from LE 1,438 billion in June, while the country’s total assets grew by 50 percent year-on-year to hit LE 4.480 trillion in July from LE 2.986 trillion in June 2022.

According to the latest data by the Central Bank of Egypt (CBE), net foreign liabilities rose to LE 2,287 billion in July, compared to LE 2,275 billion in June.

Net foreign liabilities rose to LE 2,287 billion in July, compared to LE 2,275 billion in June, the CBE reported in its release.

Egypt’s net foreign asset (NFAs) deficit contracted by LE 24.92 billion ($807.95 million), close to 3 percent, on a monthly basis to record LE 812.41 billion ($26.34 billion) in July 2023, marking its first decline since March, down from LE 837.329 billion ($27.15 billion) in June 2023.

The foreign asset deficit surged by 120 percent year-on-year when compared to LE 369.181 billion in July 2022.

Net foreign asset deficit is the net total value of foreign assets owned by the country's banks minus their foreign liabilities.

Earlier this month, the CBE revealed that Egypt’s net international reserves rose to $34.87 billion in July, up from $34.8 billion in June, marking the eleventh consecutive monthly upswing.