Annually, the CBE’s figures indicate an uptick of 5.39% year-on-year in August compared to $33.14 billion during the same month in 2022
Egypt’s net foreign reserves grew to $34.92 billion at the end of August 2023, compared to July’s recorded $34.87 billion, according to official data by the Central Bank of Egypt (CBE). This marks the 12th consecutive month in which reserves have recorded increases.
Annually, the CBE’s figures indicate an uptick of 5.39% year-on-year in August compared to $33.14 billion during the same month in 2022.
Egypt's foreign reserves include a variety of currencies such as the U.S. dollar, euro, Australian dollar, Japanese yen, and Chinese yuan.
Earlier this week, Finance Minister Mohamed Maait revealed that Egypt is looking to acquire fresh external financing of $1.5-2 billion, including $1 billion through the offering of Samurai and Panda bonds before the end of the year.
Egypt’s net foreign asset (NFAs) deficit contracted by EGP 24.92 billion ($807.95 million), close to 3%, on a monthly basis to record EGP 812.41 billion ($26.34 billion) in July 2023, according to a release by the CBE last week. This marked the first decline since March, down from EGP 837.329 billion ($27.15 billion) in June 2023.
Egypt’s total foreign assets rose to EGP 1.47 billion in July 2023 from EGP 1.43 billion in June, while the country’s total assets grew by 50% year-on-year to hit EGP 4.48 trillion in July from EGP 2.98 trillion in June 2022.
Net foreign asset deficit is the net total value of foreign assets owned by the country's banks minus their foreign liabilities.