Cairo – Mubasher: Egypt’s foreign asset deficit declined about 12.65% month-on-month (MoM) to EGP 174.38 billion ($3.70 billion) in April 2024, a new record low after reaching a 25-month low in March.

Total foreign assets in the Egyptian banking system grew by 3.99% MoM to EGP 3.07 trillion ($65.25 billion) in April from EGP 2.95 trillion ($62.74 billion) a month earlier, according to data released by the Central Bank of Egypt (CBE).

Meanwhile, total foreign liabilities rose by 2.93% to EGP 3.25 trillion ($68.95 billion) in April from EGP 3.15 trillion ($66.98 billion) in March.

It is worth noting that Egypt’s foreign asset deficit dropped 70.61% MoM to EGP 199.65 billion ($4.17 billion) in March 2024, its lowest level since February 2022.