A senior source at the Central Bank of Egypt (CBE) revealed a significant reduction in Egypt’s external debt. This decrease of $14.17bn, approximately 8.43%, represents the largest reduction in Egypt’s external debt in its history. The source also highlighted that alongside this substantial reduction in external debt, Egypt’s net foreign reserves reached an all-time high of $46.38bn in June 2024. The strong influx of foreign currency has helped eliminate the foreign asset deficit of the CBE. This stabilization of local prices has reduced pressure on Egyptian households and enhanced confidence in the local currency and business environment.

Source: Daily News Egypt July 23, 2024 01:43 UTC