CAIRO, Jul 23 (NNN-MENA) – Egypt’s external debt shrank by 14.17 billion U.S. dollars, or 8.43 percent in May, compared to Dec, 2023, the State Information Service (SIS) revealed yesterday.
The external debt stood at 153.86 billion dollars, by the end of May, following the sharpest five-month decline in the country’s history, the SIS said in a statement, citing an unnamed high-ranking official from the Egyptian central bank.
The statement said, Egypt’s net international reserves recorded an all-time high of 46.38 billion dollars in June, while the net foreign reserves balance is sufficient to cover the value of imports for 7.9 months, exceeding the internationally recognised minimum period for payment security.
In June, the central bank’s net foreign assets turned from a deficit to 10.3 billion dollars in surplus, compared to a deficit of 11.4 billion dollars in Jan, the official noted.
In March, the central bank liberalised exchange rates of the Egyptian pound to foreign currencies, in an attempt to alleviate an already ailing economy.– NNN-MENA
