Data from the Central Bank of Egypt showed a decrease in net foreign assets by regarding 170 billion pounds, equivalent to more than 9 billion dollars, last March, registering the largest decline since the beginning of the Corona crisis in February 2020.
and landed net foreign assets To minus 221 billion pounds at the end of March, from minus 51 billion pounds in February, marking a decline for the sixth consecutive month.
Foreign assets decreased from 186 billion pounds at the end of September last year.
The outflow of foreign currency, 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 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 external sector.
