The country’s net foreign asset surplus expanded a modest 3.5% to USD 13.3 bn in July, up from USD 12.9 bn in June, according to Enterprise calculations based on Central Bank of Egypt figures. This is the country’s third month in the green after our net foreign assets shifted from deficit to surplus in May — the first time our net foreign asset position had been in the green since February 2022.

A rise in assets at commercial banks helped offset a rise in outflows: The net foreign asset surplus at commercial banks was up 3.7% from the end of July, after shrinking 41% m-o-m the month before. Assets were up USD 745 mn from the month before to USD 31.0 bn, while liabilities were up USD 644 mn to USD 28.2 bn.

It was more or less the same story for the central bank, which saw a net foreign asset surplus of USD 10.5 bn. The central bank’s assets were up USD 788 mn in July to USD 45.2 bn, while liabilities were up USD 437 mn to USD 34.7 bn.

Remember: Egypt’s net foreign asset deficit hit an all-time high back in January, recording USD29.0 bn, before starting to gradually drop in the months that followed following the Ras El Hekma agreement, float of the EGP, and the flood of inflows that followed.

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