Cairo – Mubasher: Egypt’s foreign asset deficit plummeted around 70.61% month-on-month (MoM) to EGP 199.65 billion ($4.17 billion) in March 2024, its lowest level since February 2022, or nearly 25 months, after a $28.83 billion surge in foreign assets.
Total foreign assets in the Egyptian banking system recorded EGP 2.95 trillion ($61.62 billion) in March, up EGP 1.38 trillion ($28.83 billion) from EGP 1.57 trillion ($32.79 billion) a month earlier, according to data released by the Central Bank of Egypt (CBE).
Meanwhile, total foreign liabilities went down to EGP 3.15 trillion ($65.83 billion) in March from EGP 2.25 trillion ($47.02 billion) in February.
It is worth noting that Egypt’s foreign asset deficit shrank 24.23% MoM to EGP 678.98 billion in February 2024 from EGP 896.12 billion in January.
