Egypt’s foreign assets in the banking sector have risen for the third consecutive month, reaching $15.04 billion in March, an increase of approximately 47.5% compared to $10.2 billion in February, according to data from the Central Bank of Egypt (CBE).

This increase marks a continuation of the recovery following a significant decline in net foreign assets for three consecutive months.

 In December, net foreign assets stood at $5.2 billion, down from $10.3 billion in September, a period that saw seasonal pressures on foreign currency and higher demand for the U.S. dollar.

Commercial banks recorded their first surplus since August, with net foreign assets reaching $2.5 billion in March, compared to a deficit of $1.9 billion in February.

This improvement came as foreign assets continued to rise to $30.6 billion, while foreign liabilities remained steady at $28.1 billion.

The CBE recorded a surplus in net foreign assets of $12.5 billion in March, a slight increase from $12.1 billion in February. Foreign assets rose slightly to $46.4 billion, up from $46 billion in the previous month, while foreign liabilities saw a slight decrease to $33.8 billion in March, down from $33.9 billion in the prior month.

The figure recorded in March surpasses the previous peak of $14.3 billion reached in May 2024, marking the first time net foreign assets recorded a surplus in over two years, following the receipt of the second and final tranche of the $35 billion Ras El Hikma deal, which brought in about $14 billion in new inflows.

The country’s net foreign assets had been in deficit since February 2022, when the Russian invasion of Ukraine led to the exit of approximately $20 billion in foreign investments.