Egyptian banks’ net foreign assets deficit swells to over $24 bln in March: CBE

Ahram Online , Tuesday 2 May 2023

The Central Bank of Egypt (CBE) headquarters, Cairo, Egypt. AP
The Central Bank of Egypt (CBE) headquarters, Cairo, Egypt. AP


Egypt's net foreign assets (NFAs) deficit increased by EGP 51.456 billion ($1.66 billion) to EGP 755.688 billion ($24.42 billion) in March 2023, compared to EGP 704.232 billion ($22.76 billion) in February, according to data released by the Central Bank of Egypt (CBE).

As per the CBE's data, Egypt's NFAs deficit surged by EGP 536.2 billion ($17.33 billion) month-on-month (m-o-m) in March 2023, up from EGP 219.389 billion ($7.09 billion) recorded in the corresponding month a year earlier. 

Total foreign assets in Egypt declined to EGP 1.439 trillion ($46.5 billion) in March 2023, down from EGP 1.476 trillion ($47.7 billion) in February.

In March, foreign assets with the CBE increased to EGP 1.021 trillion ($32.99 billion) from EGP 1.012 trillion ($32.7 billion) in the previous month.

Meanwhile, foreign assets with banks in Egypt contracted to EGP 417.468 billion ($13.49 billion) in March, compared to EGP 464.785 billion ($15.02 billion) posted a month earlier.

Furthermore, Egypt's total foreign liabilities rose by EGP 13.717 billion ($443.26 million) m-o-m to EGP 2.194 trillion ($70.9 billion) in March 2023, including EGP 1.298 trillion ($41.94 billion) owed by the CBE and EGP 896.705 billion ($28.98 million) owed by banks. 

Noteworthy, Egypt's net international reserves rose in February by $128 million (EGP 3,952,512,000) to reach $34.3 billion (EGP 1,059,149,700,000), up from $34.2 billion (EGP 1,056,061,800,000 ) registered by the end of January 2023.

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