Egypt's net foreign assets slid by $610 million in August to $17.89 billion after having reached a record high in July, pulled down by lower foreign assets at commercial banks, central bank data showed on Thursday.

Net foreign assets had climbed to $18.5 billion at the end of July, boosted by Gulf investments, a currency devaluation 18 months ago and strong remittances from workers abroad.

Remittances from Egyptians working abroad rose to a record $3.8 billion in July from $3.6 billion in June. August figures have not yet been released.

Commercial banks' foreign assets eased by about $800 million to $38.68 billion in August from $39.49 billion in July, according to the central bank data.

Egypt's net foreign assets, which include assets held by both the central bank and commercial banks, turned negative in February 2022 as the central bank sought to support the currency against the dollar. They only returned to positive territory in May last year after a sharp devaluation of the currency in March 2024.

(Reporting by Patrick Werr)