The Central Bank of Egypt (CBE) announced a net foreign assets surplus of $11.8bn for November 2024, marking the seventh consecutive month of positive growth. This figure corresponds to EGP 585.4bn, a notable rise from $10.6bn (EGP 520.1bn) in October 2024.
The net foreign assets are a critical indicator of the CBE’s financial stability, reflecting the gap between its foreign assets and currency liabilities.
In a significant development, CBE reported its net foreign assets transitioned from a deficit to a surplus for the first time since March 2022, a milestone achieved last May.
Additionally, a recent report from CBE highlighted a decrease in reserve money, which stood at EGP 1.808trn in November, compared to EGP 1.905trn at the end of October. Cash circulating outside the CBE’s treasury also showed a decline, totaling EGP 1.245trn in November versus EGP 1.255trn in the previous month.
Local currency bank deposits decreased to EGP 563.4bn from EGP 649.9bn in October. Conversely, CBE’s total assets rose to EGP 6.249trn in November, up from EGP 6.213trn in October. The bank’s total equity decreased to EGP 143.2bn from EGP 162.4bn, with capital remaining steady at EGP 21.6bn and reserves at EGP 403.3bn.
The value of gold balances fell to EGP 533.8bn from EGP 545.3bn, while contributions to international financing institutions amounted to EGP 26.2bn and those to affiliated and sister companies reached EGP 79.1bn.
Despite these changes, CBE still reported robust net profits of EGP 88.3bn in November 2024, though this was a decrease from EGP 107.7bn in October 2024.
