Data from the Central Bank of Egypt showed today, Sunday, that net foreign assets decreased by 169.7 billion Egyptian Pound ($9.17 billion) in March, recording the largest decline since the outbreak of the Covid-19 crisis in February 2020.
The Central Bank of Egypt said net foreign reserves stood at $37.1 billion at the end of April.
net fell foreign assets To minus 221.3 billion pounds at the end of March from minus 51.69 billion pounds in the previous month, down for six consecutive months from plus 186.3 billion pounds at the end of September 2021. (The dollar = 18.5 Egyptian pounds)
The outflow of foreign currency out of the country, which was partly aroused by concern Investors In the wake of Russia’s invasion of Ukraine, among the factors that prompted the central bank to devalue the pound by 14 percent on March 21.
According to the Central Bank, net foreign assets represent the banking sector’s 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.
Analysts say to “Archyde.com” that any change in net foreign assets represents a change in the flows of exports or imports, the exit of foreign portfolios, the repayment of foreign debt payments, changes in the flow of remittances from workers abroad, or a slowdown in tourism.
(Archyde.com)
