Net foreign assets in Egypt’s banking sector see uptick

Good afternoon, friends. It’s another calm day as far as the news cycle is concerned, and we’ve got a brisk issue for you.

THE BIG STORY TODAY

Net foreign assets in the banking sector increased nearly 10% in May to USD 14.7 bn, up USD 1.2 bn from April, according to data from the Central Bank of Egypt. The rebound was mainly driven by commercial banks’ net foreign assets hitting their highest level since February 2021, hitting USD 4.8 bn, a significant USD 3.2 bn increase from the month before.

AND- The country’s foreign reserves ticked up to USD 48.7 bn at the end of June 2025, with an increase of USD 174 mn from May, according to data released by the CBE today. Net foreign reserves increased by around USD 2.3 bn since June 2024, according to our calculations based on CBE data.

THE BIG STORY ABROAD

US President Donald Trump threatened 10% tariffs on Brics-aligned countries, following measured critiques from Brics leaders of the US’ new global tariff policies at the ongoing summit in Brazil’s Rio de Janeiro. The US president took to Truth Social, announcing that countries “aligning themselves with the anti-American policies of Brics” will be charged an additional 10% tariff. Trump’s comments come as the US prepares to resume issuing tariffs to dozens of countries, with a 90-day pause set to expire on Wednesday — although confusingly set to come into play starting 1 August.

☀️ TOMORROW’S WEATHER- We’re looking at another hot day in Cairo tomorrow, with the mercury set to peak at 37°C before cooling down to 21°C. The North Coast remains cool, with temperatures peaking at just 27°C before slightly dropping to 25°C at night, according to our favorite weather app.