close
close

Egypt sees net foreign assets surplus for first time in 28 months

Egypt sees net foreign assets surplus for first time in 28 months

Data from the Central Bank of Egypt shows that there is a surplus of net foreign assets of about $14.3 billion.

Data released by the Central Bank of Egypt shows that Egypt has registered a surplus of net foreign assets for the first time in 28 months. The amount of the surplus is around USD 14.3 billion.

The improvement in revenue inflows comes as a result of the UAE’s $35 billion investment project to develop Ras Al-Hekma in February 2024, and the floating of the Egyptian pound in March 2024. Egypt’s total external deficit narrowed by around $3.6 billion at the end of April.