The figure approaches levels reached in March when the International Monetary Fund (IMF) approved a $1.2 billion disbursement for the country.

Egypt's net foreign assets, which include assets held by both the central bank and commercial banks, turned negative in February 2022 and only returned to positive territory in May last year.

They had fallen by $1.5 billion in April to roughly $13.6 billion. The previous month, they had shot up to more than $15 billion after the IMF approved the disbursement following completion of a review of the country's $8 billion economic reform programme.

Commercial banks’ net foreign assets rose by $3.2 billion in May, reaching $4.8 billion, the highest level since February 2021, Egypt's central bank said.

--Reuters--