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Egypt’s external debt declined to record USD 153.86 billion at the end of May 2024, compared to USD 168.03 billion at the end of December 2023, a decrease of USD 14.17 billion, a rate estimated at 8.43%, an official source at the Central Bank of Egypt (CBE) revealed.
Egypt’s external debt declined to record USD 153.86 billion at the end of May 2024, compared to USD168.03 billion at the end of December 2023, a decrease of USD 14.17 billion, a rate estimated at 8.43%, an official source at the Central Bank of Egypt (CBE) revealed.
This decline during the past five months is considered the largest in the history of external debt ever, the source added. Egypt’s Net foreign reserves hit an all-time high of USD 46.38 billion in June 2024, an increase of USD 13.26 billion since August 2022.
The source added that the current reserve balances can cover about 7.9 months of the value of the country’s merchandise imports. Additionally, the foreign exchange flows to the local market witnessed an increase of about 200%, including an increase of more than 100% in remittances from Egyptians abroad compared to their levels before unifying the exchange rate.
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The rise in currency flows contributed to eliminating the foreign assets deficit of the CBE, recording a surplus of USD 10.3 billion in June 2024, compared to a deficit of USD 11.4 billion in January 2024. The net foreign assets of banks also improved to a record USD 4.6 billion in May 2024, compared to a negative USD 17.6 billion in the same month last year.
