The Central Bank of Egypt (CBE) reported an increase in net foreign assets (NFA), which reached EGP 520.121 billion by the end of October, compared to EGP 505.074 billion at the end of September, according to the latest data released.
In May 2024, the banking sector achieved a net foreign assets surplus for the first time, amounting to EGP 676.4 billion, up from EGP 174.385 billion in April 2024.
Net foreign assets represent the difference between a bank’s assets owed by non-residents and its liabilities owed to non-residents. Essentially, it reflects the banks' holdings of foreign currency deposits and savings.
The CBE's Monetary Policy Committee recently decided to keep interest rates unchanged, maintaining the overnight deposit rate at 27.25%, the overnight lending rate at 28.25%, and the main operation rate at 27.75%. The credit and discount rate also remained steady at 27.75%.