Net foreign assets in Egypt decrease for the sixth consecutive month

Data from the Central Bank of Egypt showed a decline in net external assets of around £ 170 billion, equivalent to more than $ 9 billion, last March, recording the largest decline since the start of the Crown crisis in February 2020.

Net external assets fell to minus £ 221bn at the end of March from £ 51bn in February, marking a decline for the sixth consecutive month.

Foreign assets fell from £ 186 billion at the end of September last year.

The outflow of foreign exchange, which increased in the wake of the Russian-Ukrainian war, was among the factors that prompted the CBE to devalue the pound by 14% in March.

Net foreign assets represent the banking sector assets owed to non-residents minus liabilities.

The change in their volume represents the net transactions of the banking system, including the Central Bank, with the foreign sector.

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