Despite the decrease, this marks the fourth consecutive month of surplus for the country, a positive trend that began in May when net foreign assets transitioned from deficit to surplus for the first time since February 2022.
The largest surge of inflows, approximately $40.5 billion, was recorded in the second half of the fiscal year, mainly due to the execution of the Ras El Hekma agreement valued at $35 billion
Egypt’s dollar-denominated notes due in 2047 were trading above 80 cents on the dollar as of Friday, the highest level since 2022, according to data compiled by the international news outlet
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.
The continued surplus follows a shift from a deficit to a surplus in May – which marked the first time the country’s NFAs were in the green since February 2022
