Egypt’s net foreign asset (NFAs) deficit contracted by EGP 24.92 billion ($807.95 million), close to 3%, on a month basis to record EGP 812.41 billion ($26.34 billion) in July 2023, marking its first decline since March, down from EGP 837.329 billion ($27.15 billion) in June 2023.

Net foreign asset deficit is the net total value of foreign assets owned by the country's banks minus their foreign liabilities.

According to the latest data by the Central Bank of Egypt (CBE), the foreign asset deficit surged by 120% year-on-year when compared to EGP 369.181 billion in July 2022.

Egypt’s total foreign assets rose to EGP 1,475 billion in July 2023 from EGP 1,438 billion in June, while the country’s total assets grew by 50% year-on-year to hit EGP 4.480 trillion in July from EGP 2.986 trillion in June 2022.

Net foreign liabilities rose to EGP 2,287 billion in July, compared to EGP 2,275 billion in June, the CBE reported in its release.

Earlier this month, the CBE revealed that Egypt’s net international reserves rose to $34.87 billion in July, up from $34.8 billion in June, marking the eleventh consecutive monthly upswing.