The CBE's report also highlighted a decrease in Egypt’s overall external debt, which fell to $160.6 billion by March 2024 from $164.5 billion in September 2023.
The Central Bank of Egypt (CBE) announced that Egypt made payments totaling $23.8 billion towards its external debt between July 2023 and March 2024.
During FY 2023/2024, Egypt settled $8.168 billion in the first quarter, $7.384 billion in the second quarter, and $8.255 billion in the third quarter, according to the CBE.
The CBE's report also highlighted a decrease in Egypt’s overall external debt, which fell to $160.6 billion by March 2024 from $164.5 billion in September 2023.
In a related development, the CBE pointed to an uptick in foreign investments in local treasury bills, surging to EGP 1.765 trillion in June 2024 from EGP 388.421 billion in June 2023.
This increase in foreign investment was attributed to the CBE’s decision in March to liberalize the exchange rate and raise interest rates significantly.
Furthermore, the CBE disclosed a rise of EGP 1.511 billion in net foreign assets within the banking system from July 2023 to May 2024.
This growth was primarily fueled by an increase of EGP 763.5 billion in the CBE’s net foreign assets and a boost of EGP 747.5 billion in foreign assets held by other banks.
