Central Bank of Egypt data revealed that the deficit in net foreign assets in Egypt decreased by about 24.9 billion pounds ($ 808 million) in July to reach negative 812.4 billion pounds, the first decline since March 2023.
Egypt's official foreign currency reserves have been witnessing limited increases since October 2022, and in September 2021, before the decline began, net foreign assets stood at positive EGP 248 billion. The Central Bank of Egypt has fixed the official exchange rate of the pound at about 30.90 against the dollar since early March. In comparison, it rises by 15-20 percent above this price in the parallel market.
Source (Al-Arabiya.net Website, Edited)
