{"id":646875,"date":"2024-10-02T00:00:00","date_gmt":"2024-10-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/02\/net-foreign-asset-surplus-shrinks-26-8-in-august\/"},"modified":"2024-10-02T00:00:00","modified_gmt":"2024-10-02T00:00:00","slug":"net-foreign-asset-surplus-shrinks-26-8-in-august","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/02\/net-foreign-asset-surplus-shrinks-26-8-in-august\/","title":{"rendered":"Net foreign asset surplus shrinks 26.8% in August"},"content":{"rendered":"

Good afternoon, folks. <\/strong>Just tomorrow to go and then the long weekend. <\/p>\n

\n

THE BIG STORY TODAY<\/p>\n

Egypt\u2019s net foreign asset surplus fell by 26.8% to USD 9.7 bn in August,<\/strong> down from<\/a> USD 13.3 bn in July, according to Enterprise calculations based on Central Bank of Egypt figures<\/a>. This represents Egypt\u2019s fourth consecutive month in the green \u2014 the country has maintained a surplus since May, when net foreign assets shifted from deficit to surplus for the first time since February 2022.<\/p>\n

Driving the decline were commercial banks<\/strong>, whose net foreign assets were back in the red with a deficit of USD 529 mn, down from a surplus of USD 2.8 bn in July. The Central Bank of Egypt fared much better, but did see its surplus shrink 1.7% over the month to USD 10.3 bn.<\/p>\n

PLUS-<\/strong> Google to begin paying local content creators in EGP starting next year:<\/strong> The tech giant has notified local content creators and publishers on its platforms that they will begin receiving their earnings in the local currency starting May 2025, after having previously paid creators on its platforms in USD, Google said in a statement to EnterpriseAM. <\/p>\n

It\u2019s not just Egypt:<\/strong> The shift is part of a larger move towards conducting payments for content creators and publishers around the world in their respective local currencies, with the company already making the transition in countries that include Chile, Indonesia, Japan, Jordan, Mexico, Morocco, New Zealand, Norway, Peru, South Africa, Sweden, Turkey, and the UAE, with plans to expand to more countries globally in 2025.<\/p>\n

\n

THE BIG STORY ABROAD<\/p>\n

The international press is sadly once again squarely fixed on our corner of the world<\/strong>, with Israel significantly upping both the amount of on-the-troops in Lebanon and its bombardment of the country following<\/a> an Iranian missile attack overnight that it vowed<\/a> to respond to. Reports of clashes between Hezbollah fighters and the invading forces have also started to emerge<\/a>, signaling that the conflict is entering a new stage.<\/p>\n

\n
\n
\n
\n

Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n