Egypt’s foreign assets rise by 47.5%reaching $15.04B in March

Egypt’s foreign assets in the banking sector have experienced a notable rise for the third consecutive month, reaching $15.04 billion in March. This represents an increase of about 47.5 percent compared to $10.2 billion in February, according to the Central Bank of Egypt (CBE).

This positive trend signals a continued recovery following a substantial decline in net foreign assets over three months. In December, the figure had dropped to $5.2 billion from $10.3 billion in September, amid seasonal pressures on foreign currency and heightened demand for the U.S. dollar.

Commercial banks have reported their first surplus since August, with net foreign assets standing at $2.5 billion in March, up from a deficit of $1.9 billion in February. This improvement comes as foreign assets continued to rise to $30.6 billion, while foreign liabilities remained stable at $28.1 billion.

The CBE also recorded a surplus in net foreign assets of $12.5 billion in March, slightly up from $12.1 billion in February. Foreign assets increased slightly to $46.4 billion, up from $46 billion the previous month, while foreign liabilities dropped slightly to $33.8 billion in March, from $33.9 billion in February.

The March figure has surpassed the previous peak of $14.3 billion, which was recorded in May 2024. This marks the first time net foreign assets have been in surplus in over two years, following the completion of the second and final tranche of the $35 billion Ras El Hikma deal, which contributed about $14 billion in new foreign inflows.

The country had been In deficit since February 2022, when the Russian invasion of Ukraine led to the exit of approximately $20 billion in foreign investments.