Cairo – January 8, 2025: The Central Bank of Egypt (CBE) announced that the banking sector’s net foreign assets (NFA) recorded a surplus of $5.95 billion (LE 295.6 billion) in November 2024, a notable drop from $9.2 billion (LE 450.861 billion) in October.
Earlier in 2024, NFAs showed signs of recovery, turning positive in May for the first time since January 2022. However, after peaking at $14.3 billion in May, the surplus has since contracted by 58 percent, highlighting the mounting challenges faced by the sector.
The deficit in commercial banks’ net foreign assets worsened in November, reaching $5.84 billion, compared to a deficit of $1.4 billion in October. In contrast, the central bank’s net foreign assets improved by $1.2 billion, reaching $11.8 billion, helping stabilize the overall banking sector’s position.
Total foreign assets within Egypt’s banking system—including both the CBE and commercial banks—declined to LE 3.325 trillion in November, down from LE 3.584 trillion in October. Foreign liabilities also saw a reduction, falling to LE 3.029 trillion from LE 3.133 trillion during the same period.
At the central bank level, foreign assets increased to $45.44 billion in November from $44.84 billion in October, while foreign liabilities declined. Across the banking sector, total foreign liabilities dropped to $61.07 billion by the end of November, compared to $63.16 billion in October.
Egypt’s international reserves displayed resilience, with the value of foreign currencies rising by $296 million to $36.436 billion in December, up from $36.140 billion in November. Total net international reserves also increased by $157 million, climbing to $47.109 billion in December from $46.952 billion in November.
In contrast, the value of gold holdings within the reserves decreased to $10.644 billion in December, down from $10.777 billion in November. Special Drawing Rights (SDRs) also experienced a decline, falling to $31 million in December from $37 million in the previous month.
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