Egypt’s net foreign assets decline for the second consecutive month

Yesterday, Thursday, data from the Central Bank of Egypt showed that net foreign assets fell by 31.2 billion Egyptian pounds ($ 1.99 billion) in November, the second sharp decline in the past two months.

Net external assets fell at the end of November to 82.95 billion pounds from 114.2 billion at the end of October. Net foreign assets amounted to EGP 186.3 billion at the end of September.

Net foreign assets are calculated by subtracting the banking sector’s bonds to non-residents from total assets in foreign currency.

According to the Central Bank, the change in the size of net foreign assets reflects the net transactions of the Egyptian banking system, including the Central Bank, with foreign countries.

Analysts say any change could be due to a discrepancy in the flow of exports and imports, an exodus of foreign wallets, foreign debt repayments, or a slowdown in tourism.

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