The Central Bank of Egypt revealed that Egypt's external debt declined to record$ 153.86 billion at the end of May 2024 compared to $ 168.03 billion at the end of December 2023, a decrease of $ 14.17 billion or an estimated 8.43 percent. This is the largest decline in the history of external debt ever.
In parallel with the significant decline in external debt levels, the central bank's net foreign reserves hit an all-time high of $46.38 billion in June 2024, up$13.26 billion since August 2022. The current reserve balances can cover about 7.9 months of the value of the country's merchandise imports, securing the country's needs for a period that significantly exceeds internationally recognized standards as safe levels.
Source (Al-Arabiya.net Website, Edited)
