Despite the substantial debt service, the CBE reported a decline in Egypt's total external debt. As of March 2024, the debt stood at $160.6 billion, down from $164.5 billion in September 2023.
The CBE's report also highlighted a decrease in Egypt’s overall external debt, which fell to $160.6 billion by March 2024 from $164.5 billion in September 2023.
The forum sought to strengthen the banking sector’s capabilities in line with international best practices, playing a crucial role in safeguarding and maintaining financial and monetary stability.
Remittances also increased by 15.9% compared to the immediately preceding month, June 2024, during which they recorded about $2.6 billion.
Since the $35 billion Ras El Hikma deal earlier this year, Egypt’s net foreign reserves have jumped by $11.2 billion in the past 5 months, providing the central bank with the opportunity to float the pound with a strong buffer.
