Net foreign assets of Egypt's central bank increase to LE 520.121B in October

CAIRO - 17 November 2024: Net foreign assets (NFA) at the Central Bank of Egypt (CBE) rose to LE 520.121 billion by the end of October, up from LE 505.074 billion at the end of September, according to the latest data released by the CBE.  

 

It is worth noting that the banking sector’s NFA recorded a surplus for the first time in May 2024, reaching LE 676.4 billion, compared to LE 174.385 billion in April 2024.  

 

Net foreign assets refer to the difference between banks’ assets owed by non-residents and their liabilities owed to non-residents. In essence, this represents the foreign currency deposits and savings held by banks.  

 

The Central Bank of Egypt’s Monetary Policy Committee, in its latest meeting, decided to maintain the overnight deposit and lending rates as well as the main operation rate at 27.25 percent, 28.25 percent, and 27.75 percent, respectively. The discount rate was also kept unchanged at 27.75 percent.