Foreign Assets
Net foreign assets refer to the difference between banks’ assets owed by non-residents and their liabilities owed to non-residents.
The new surplus reflects the country’s rapid recovery from previous deficits, which almost reached a high of $30 billion earlier this year, exacerbated by external economic challenges
NFAs saw a slight improvement during November, reported at negative $11.2 billion compared to negative $11.3 billion in October
According to the latest data by the Central Bank of Egypt (CBE), net foreign liabilities rose to LE 2,287 billion in July, compared to LE 2,275 billion in June
Egypt's NFAs deficit surged by LE 536.2 billion ($17.33 billion) month-on-month (m-o-m) in March 2023
Such an increase in the net foreign assets reflects the strength of the Egyptian banking sector and good management of those in charge of it, Head of the Treasury Sector at the Industrial Development Bank (IDB) Haytham Adel said.
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