Egypt’s net foreign assets (NFAs) surged by $2.74 billion in January, largely driven by the sale of $2 billion in dollar-denominated bonds, according to central bank data.
NFAs rose to $8.70 billion at the end of January, up from $5.96 billion in December, marking a rebound after three consecutive months of decline, Reuters calculations based on official exchange rates show.
On January 29, Egypt issued $2 billion in international bonds—the country’s first such sale in four years—helping to bolster its foreign reserves.
Since September 2021, Egypt has relied on NFAs to support its currency, though reserves turned negative in February 2022 before recovering into positive territory in May 2024.
In December, Egypt faced significant dollar outflows as foreign-held treasury bills matured, nearly $1 billion in IMF loan repayments were due, and natural gas import payments were settled, analysts and financial sources said.
While both the central bank and commercial banks saw a rise in foreign assets in January, foreign liabilities also increased.