Egypt's Net Foreign Assets Rose by $1.48Bln in February: Central Bank Data
17:51 05.04.2025 (Updated: 18:51 05.04.2025)
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Egypt's Net Foreign Assets Rose by $1.48Bln in February: Central Bank Data
The rise is reportedly attributed to increased foreign investment in treasury bills. This follows a boost in January from a $2 billion international bond sale. More increases are expected in March after the IMF approved its $8 billion support package, unlocking $1.2 billion plus $1.3 billion from its resilience fund.
This marks a significant turnaround from previous years. Egypt used foreign reserves to support its currency since September 2021, with reserves falling into negative territory by February 2022 before recovering in May 2023.
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The rise is reportedly attributed to increased foreign investment in treasury bills. This follows a boost in January from a $2 billion international bond sale. More increases are expected in March after the IMF approved its $8 billion support package, unlocking $1.2 billion plus $1.3 billion from its resilience fund.
This marks a significant turnaround from previous years. Egypt used foreign reserves to support its currency since September 2021, with reserves falling into negative territory by February 2022 before recovering in May 2023.
Subscribe to @sputnik_africa
Sputnik Africa | X
