Egypt’s net foreign assets hit record low: 841B EGP

Egypt’s deficit in net foreign assets (NFAs) widened by 9.47 billion Egyptian pounds ($306.97 million) in December to a record 841.0 billion pounds, as commercial bank assets declined and liabilities rose, according to central bank data.

Commercial bank assets dropped by 12.26 billion Egyptian pounds month-on-month, while their liabilities climbed by 846 million pounds, according to the data.

NFAs represent both central bank and commercial bank assets held by non-residents, minus their liabilities.

The central bank has drawn on the country’s NFAs to help support Egypt’s currency over the past two years.

In September 2021, NFAs stood at a positive 248 billion pounds.

Egypt devalued its currency by nearly half from March 2022 to March 2023, but since then has left it fixed at 30.85 to the dollar.

On Thursday, the pound traded at around 68 to the dollar on the black market.

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