The Central Bank of Egypt (CBE) announced that the country paid $23.8 billion in external debt service between July 2023 and March 2024. The payments were distributed across the first three quarters of the fiscal year 2023/2024, with the largest payment occurring in the third quarter.

Despite the substantial debt service, the CBE reported a decline in Egypt's total external debt. As of March 2024, the debt stood at $160.6 billion, down from $164.5 billion in September 2023.

The CBE highlighted a substantial increase in foreign investments in local treasury bills. Following the Central Bank's decision to liberalize the exchange rate and raise interest rates in March, foreign investors poured in the equivalent of EGP 1.765 trillion by June 2024. This marked a significant surge compared to the EGP 388.421 billion recorded in June 2023.

Moreover, the CBE reported a growth in net foreign assets within the banking system. From July 2023 to May 2024, net foreign assets increased by EGP 1.511 billion. This rise was primarily driven by an increase in the Central Bank's net foreign assets and a corresponding growth in foreign assets held by other banks.