Egypt Gap in Bank Foreign Buffers Turns to $14.3 Billion Surplus
- Net foreign assets in surplus for first time in over two years
- Massive UAE deal unlocked more funding, led to foreign inflows
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Egypt patched up a key vulnerability of its finances after a mega investment deal paid out, bringing the net foreign assets of its lenders and the central bank into surplus for the first time since early 2022.
After running a deficit that peaked near $30 billion earlier this year, the banking system’s net position dramatically swung to a positive $14.3 billion at the end of May, according to central bank data released late on Thursday. It had a shortfall of $3.6 billion in April.