Egypt's net foreign assets fell by 49.8 billion Egyptian pounds in February as pressure on the local currency increased.
According to CBE data, the second decline in two months, as net foreign assets fell to minus 704.23 billion pounds from -654.43 billion at the end of January.
Net foreign assets fell by the equivalent of $1.31 billion in February using exchange rates set by the central bank at the end of the month. The central bank allowed the pound's official rate against the dollar to fall 1.4 percent in February. The official exchange rate was 30.9 pounds to the dollar, while black market dealers were offering to buy dollars for 36 pounds.
Net foreign assets, the banking system's assets owed by non-residents minus liabilities, have helped the central bank support the pound over the past 18 months. Egypt's net foreign assets stood at EGP 248 billion in September 2021 before the decline began.
Source (Asharq Al-Awsat Newspaper, Edited)
