Economic news

Egypt’s net foreign assets positive for second month in June

2024.08.04 07:37

CAIRO (Reuters) – Egypt’s net foreign assets (NFAs) stayed positive for a second straight month in June having been deeply negative for more than two years, central bank data showed.

NFAs slid to 626.6 billion Egyptian pounds in June from 676.4 billion pounds as of end-May. This works out to $13.05 billion at end-June and $14.31 billion at end-May, according to Reuters calculations based on the official central bank currency rate at the time.

Egypt has been using its NFAs, which include foreign assets at both the central bank and commercial banks, to help prop up its currency since at least September 2021. NFAs turned negative in February 2022.

But in February this year the government boosted its finances by selling the development rights to Ras El Hekma on the Mediterranean coast for $35 billion and in March by signing an $8 billion financial support package with the International Monetary Fund.

© Reuters. Birds fly during sunset with Cairo skyline visible in the background, during foggy cold weather, Egypt February 1, 2024. REUTERS/Amr Abdallah Dalsh/File Photo

It also sharply devalued its currency, triggering a flood of portfolio investments and remittances from workers abroad.

Foreign assets fell at commercial banks in June but rose at the central bank, while foreign liabilities rose at both commercial banks and the central bank.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 84,714.70 0.41%
ethereum
Ethereum (ETH) $ 2,305.74 1.50%
tether
Tether (USDT) $ 0.999326 0.06%
xrp
XRP (XRP) $ 2.20 0.13%
bnb
BNB (BNB) $ 605.17 1.03%
solana
Solana (SOL) $ 137.61 1.21%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.206792 1.32%
cardano
Cardano (ADA) $ 0.645365 0.47%
staked-ether
Lido Staked Ether (STETH) $ 2,303.33 1.60%
tron
TRON (TRX) $ 0.228291 0.44%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 84,644.68 0.43%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,747.40 1.58%
chainlink
Chainlink (LINK) $ 15.11 1.13%
litecoin
Litecoin (LTC) $ 126.77 1.35%
avalanche-2
Avalanche (AVAX) $ 22.50 2.65%
stellar
Stellar (XLM) $ 0.283203 1.36%
sui
Sui (SUI) $ 2.78 3.62%
the-open-network
Toncoin (TON) $ 3.42 2.25%
leo-token
LEO Token (LEO) $ 9.20 1.14%
shiba-inu
Shiba Inu (SHIB) $ 0.000014 0.36%
hedera-hashgraph
Hedera (HBAR) $ 0.199558 1.16%
usds
USDS (USDS) $ 1.00 0.06%
polkadot
Polkadot (DOT) $ 4.92 3.47%
mantra-dao
MANTRA (OM) $ 7.40 4.20%
hyperliquid
Hyperliquid (HYPE) $ 20.87 6.40%
weth
WETH (WETH) $ 2,305.15 1.38%
bitcoin-cash
Bitcoin Cash (BCH) $ 296.66 0.82%
ethena-usde
Ethena USDe (USDE) $ 0.999778 0.05%
bitget-token
Bitget Token (BGB) $ 4.14 3.05%
uniswap
Uniswap (UNI) $ 7.86 0.69%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,440.83 1.50%
monero
Monero (XMR) $ 209.10 2.46%
whitebit
WhiteBIT Coin (WBT) $ 26.15 0.99%
near
NEAR Protocol (NEAR) $ 3.05 0.86%
aptos
Aptos (APT) $ 6.14 3.01%
pepe
Pepe (PEPE) $ 0.000008 1.67%
dai
Dai (DAI) $ 0.999954 0.04%
internet-computer
Internet Computer (ICP) $ 6.66 3.93%
ondo-finance
Ondo (ONDO) $ 0.970403 1.09%
aave
Aave (AAVE) $ 203.64 0.19%
susds
sUSDS (SUSDS) $ 1.04 0.10%
ethereum-classic
Ethereum Classic (ETC) $ 18.70 0.41%
okb
OKB (OKB) $ 46.33 2.73%
bittensor
Bittensor (TAO) $ 329.53 6.74%
gatechain-token
Gate (GT) $ 21.49 1.98%
mantle
Mantle (MNT) $ 0.755566 0.17%
official-trump
Official Trump (TRUMP) $ 12.59 5.73%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 84,722.70 0.48%
tokenize-xchange
Tokenize Xchange (TKX) $ 29.92 1.75%