(3 Minutes Read)
The rise in foreign assets was partly driven by the successful sale of USD2 billion in international bonds on January 29, which was Egypt’s first dollar-denominated international bond issuance in four years.
Egypt’s net foreign assets saw a significant boost in February, rising by USD 1.48 billion, marking the second increase this year. According to data from the Central Bank of Egypt (CBE), foreign assets reached USD 10.17 billion (EGP 515.856 billion) in February, up from USD 8.7 billion (EGP 437.261 billion) in January.
The rise in foreign assets was partly driven by the successful sale of USD 2 billion in international bonds on January 29, marking Egypt’s first dollar-denominated international bond issuance in four years.
Read Also:
https://trendsnafrica.com/instant-payment-network-of-egypt-to-launch-a-new-service-from-1st-april/
These assets are expected to continue increasing in March, following the International Monetary Fund’s (IMF) approval of its fourth review of Egypt’s USD 8 billion financial support package, agreed upon in March 2024. This approval unlocked USD 1.2 billion in funding, with an additional USD 1.3 billion made available through the IMF’s resilience and sustainability facility.
