Egypt’s net foreign assets stand at LE 841B at end of 2023: CBE

Cairo – February 4, 2024: The Central Bank of Egypt (CBE) revealed a slight decline in Egypt’s net foreign assets (NFAs), reporting a negative LE 841.391 billion in December 2023, compared to a negative LE 831.924 billion in November.

The net foreign assets deficit rose to $27.2 billion in December 2023, a slight uptick from November’s $27 billion, according to the latest CBE data.

The CBE’s NFAs saw a slight bump to LE 1.058 trillion during the final month of 2023, compared to LE 1.056 trillion, pulling its net foreign asset deficit to negative $11 billion in December, up from negative $11.2 billion reported the month prior.

Egypt’s commercial banks’ NFAs narrowed to LE 421.085 billion compared to November’s LE 433.44 billion, leading to a deficit of $16.2 billion in December.

Bank’s deficit recorded a $15.8 billion deficit in November 2023, reporting 2 months’ worth of contraction in NFAs in the banking sector.

Egypt’s net international reserves (NIR) at the CBE saw a $4.6 billion increase to reach $35.219 billion during the last month of 2023, compared to $35.173 billion at the end of November.

To bolster foreign currency reserves, the Egyptian government recently revealed an ambitious goal of increasing annual foreign currency inflows to $300 billion – close to triple the current annual numbers. According to the strategic document for the

The Egyptian government recently revealed an ambitious goal of increasing annual foreign currency inflows to $300 billion – close to triple the current annual numbers. The strategy highlighted boosting exports, tourism and Suez Canal revenues, remittances, FDIs, and strengthening the outsourcing sector, as main contributors to up foreign currency inflows.