Cairo – Mubasher: Egypt’s foreign asset deficit declined around 24.23% month-on-month (MoM) to EGP 678.98 billion ($14.38 billion) in February 2024 from EGP 896.12 billion ($18.98 billion) in January.

Total foreign assets in the Egyptian banking system recorded EGP 1.57 trillion in February, up from EGP 1.45 trillion a month earlier, according to data released by the Central Bank of Egypt (CBE).

Moreover, total foreign liabilities decreased to EGP 2.25 trillion in February from EGP 2.35 trillion in January.

In related news, Egypt's total foreign exchange receipts dropped 24% year-on-year (YoY) to $121.90 billion during the fiscal year (FY) 2022/2023 from $160.50 billion.