Egypt's net foreign assets rose by $4.02 billion in January to an all-time high of $29.54 billion, central bank data showed on Monday, as Gulf investments, a 2024 currency devaluation, and strong remittances continued to bring in dollars.
Remittances from workers abroad rose to record $4.0 billion in December, bringing total remittances for all of 2025 to $41.5 billion, up from $29.6 billion in 2024. January remittance figures have not yet been released.
Commercial banks' foreign assets jumped by about $1.67 billion while assets at the central bank were nearly steady, according to the central bank data. Net foreign liabilities decreased at both commercial banks and the central bank.
In 2016, the Egyptian pound was devalued by 45 percent as part of several reforms, including reduced subsidies, increased taxes, and structural reforms to enhance growth.
Push against dollar
Most recently, Egypt devalued the currency in January 2023 by 40 percent to $0.03 and floated it in March 2024, dropping the value to $0.02.
Egypt's net foreign assets, which include assets held by both the central bank and commercial banks, turned negative in February 2022 as the central bank sought to support the currency against the dollar.
They only returned to positive territory in May 2024 after a sharp devaluation of the currency in March 2024.
Egypt, late February, unlocked approximately $2.3bn in fresh financing from the International Monetary Fund (IMF) after completing key reviews under its expanded reform programme, providing a timely boost as the country navigates regional geopolitical tensions and market volatility.
