Egypt Banking Sector Net Foreign Assets Rise to Record High

The Central Bank of Egypt has reported that the country's banking sector net foreign assets rose to $28.418 billion in July, marking an increase from June's figure of $27.965 billion.

This represents a difference between the banking sector's foreign-currency assets and liabilities, with total foreign assets held by the system increasing to EGP 5.146 trillion in July from EGP 4.939 trillion a month earlier.

The US dollar exchange rate stood at EGP 51.1934 in July, up from around EGP 49.2763 in June.