The Central Bank of Egypt (CBE) reported a surplus in its net foreign assets for December 2024, marking the eighth consecutive month of growth. The surplus reached $11.64bn (EGP 592.469bn), slightly down from the previous month’s surplus of $11.79bn (EGP 585.363bn).
Net foreign assets are a key indicator of banking stability, reflecting the difference between CBE’s foreign assets and liabilities. The CBE had reported a shift from a deficit to a surplus in May 2024, the first time since March 2022, when it moved from a deficit of EGP 36.07bn to a surplus of EGP 458.63bn.
Additionally, a recent CBE report showed that money reserves increased to EGP 2.24trn in December 2024, up from EGP 1.81trn in November 2024. The report also indicated that cash circulating outside the CBE’s treasury amounted to EGP 1.236trn, slightly down from EGP 1.245trn in November.
Furthermore, bank deposits in local currency rose significantly to EGP 1.007trn in December, compared to EGP 563.393bn in November.
