Egypt’s net foreign assets hit record $18.5 billion in July
Surge driven by Gulf investments, remittances, and banking sector gains
CAIRO, Egypt (MNTV) — Egypt’s net foreign assets climbed to an all-time high of $18.5 billion in July, rising by $3.54 billion from the previous month, according to central bank figures.
The sharp increase from $14.96 billion in June was largely attributed to higher foreign asset holdings at commercial banks, analysts said, noting support from Gulf investments, strong remittance inflows, and the effects of Egypt’s currency devaluation in March 2024.
Data showed commercial banks’ foreign assets increased by $3.28 billion in July to $39.49 billion, while their liabilities declined by $166.2 million to $31.50 billion.
Remittances from Egyptians working abroad have been a key driver, surging to $26.4 billion in the nine months to March 2025, up from $14.5 billion a year earlier, the central bank reported in July.
Egypt’s net foreign assets, which account for holdings at both the central bank and commercial banks, had slipped into negative territory in February 2022 before turning positive again in May 2024. The previous peak was $17.47 billion in July 2021, according to Reuters calculations.
We must take charge of our narrative. Research indicates that 92% of their Muslim coverage is negative. Help us change that.
Have Your Say!
Have you been affected by the issues raised in this story? Please share your experiences by emailing haveyoursay@soundvision.com.
Please include a contact number if you are willing to speak to a Muslim Network TV’s representative. You can also get in touch in the following ways:
Tweet: @MuslimNetworkTV
