Egypt’s net foreign assets (NFAs) experienced a decline of $1.12 billion in October, marking a setback after a brief period of growth in the previous month.
NFAs, which encompass foreign assets held by both the central bank and commercial banks, have been instrumental in supporting Egypt’s currency.
However, the recent decrease indicates potential challenges in maintaining economic stability.
While foreign assets at the central bank increased in October, a decline in commercial bank holdings and a rise in foreign liabilities contributed to the overall decrease in NFAs.