2024-07-23 19:26:21
A high-level source at the Central Bank of Egypt revealed that Egypt’s external debt declined to record 153.86 billion US dollars at the end of May 2024, compared to 168.03 billion US dollars at the end of December 2023, a decrease of 14.17 billion dollars, or about 8.43%.
The source pointed out that this decline during the five-month period of comparison is the largest in the history of external debt ever.
The source pointed out that in parallel with the significant decline in Egypt’s external debt levels, the Central Bank’s net foreign reserves recorded their highest levels ever, at $46.38 billion in June 2024, an increase of $13.26 billion since August 2022.
He explained that the current reserve balances can cover about 7.9 months of the value of the country’s commodity imports, which secures the country’s needs for a period that greatly exceeds internationally recognized standards as safe levels.
The source noted that there was a huge growth in foreign currency flows to the local market, with an increase of about 200%, including a more than 100% increase in remittances from Egyptians abroad compared to their levels before the unification of the exchange rate.
The source said that the strong rise in currency inflows contributed to eliminating the central bank’s foreign assets deficit to record a surplus of $10.3 billion in June 2024, compared to a deficit of $11.4 billion in January 2024.
Banks’ net foreign assets also improved to $4.6 billion in May 2024, compared to negative $17.6 billion in the same month last year.
Last updated: July 22, 2024 – 15:14
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2024-07-23 19:26:21