The Central Bank of Egypt revealed that Egypt’s external debt declined to $153.86 billion at the end of May 2024, compared to $168.03 billion at the end of December 2023, a decrease of $14.17 billion, or 8.43%, indicating that this decrease is the largest in the history of external debt.
The bank said in a statement that net foreign reserves recorded their highest levels at $46.38 billion in June 2024, an increase of $13.26 billion since August 2022, explaining that these balances can cover 7.9 months of commodity imports.
The bank confirmed that foreign currency flows to the local market increased by 200%, including an increase in remittances from Egyptians abroad of more than 100% compared to their levels before the unification of the exchange rate.
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