Home Business Net foreign assets in Egypt decrease for the sixth consecutive month

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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