Egypt’s net foreign assets experienced a significant climb in February, according to recent central bank data.
The assets rose by $1.48 billion, marking the second increase this year after a prior three-month decline.
This boost brings the total net foreign assets to $10.18 billion by the end of February, up from $8.70 billion in January.
Sources suggest the increase is linked to heightened purchases of Egyptian treasury bills by foreign investors.
This positive trend follows a $2 billion international bond sale in January, Egypt’s first in four years.
Further growth is anticipated for March after the IMF approved its fourth review of an $8 billion support package.
The IMF approval unlocked $1.2 billion and made an additional $1.3 billion available through a resilience facility.
Egypt had previously utilized foreign assets to support its currency since September 2021.
Net foreign assets had turned negative in February 2022 before recovering to positive territory last May.
February saw increases in foreign assets at both the central bank and commercial banks.